Buyout group EQT on Thursday raised its cash offer for contract pharmaceutical maker Recipharm, valuing the Swedish company at 24.9 billion Swedish crowns ($2.97 billion).
EQT raised its bid to 232 crowns per share from the 220 crowns it had offered in December.
“We consider this revised offer to be highly compelling for Recipharm’s shareholders,” EQT partner Erika Henriksson said in a statement.
EQT added that the bid would not be increased further.
Recipharm’s board of directors said in a separate statement they unanimously recommended shareholders and owners of convertible bonds to accept the bid.
EQT said the bid was worth around 18.9 billion crowns. That excludes the stakes of Recipharm Chairman Lars Backsell and CEO Thomas Eldered, who are teaming up with EQT in the offer.
Source: Reuters.com