DEVRO, the Moodiesburn-based sausage skin maker, has agreed to a takeover by a company owned by one of Germany's richest families.
The Scottish manufacturer, which employs around 2,000, announced details of the move by German giant Saria, part of the Rethmann family empire, this morning.
Devro, one of the largest sausage skin and collagen casings makers in the world, said the enterprise value was £667 million.
The cash consideration represents an "attractive premium" of 65 per cent to the closing price of 192p per Devro share from the last business day before the announcement last night, it said.
Steve Good, chairman of Devro, said: "We believe that Saria's understanding of our markets, its strong financial position and the cultural fit will benefit the group's business and employees. As a result, the Devro directors have agreed unanimously to recommend that Devro's shareholders accept the offer from Saria."
He also said: "The offer also provides an opportunity for Devro shareholders to crystallise, in cash, the value of their investments at a fair and reasonable value."
Harald van Boxtel, chief executive of Bidco, said: "The proposed combination of Devro and the Saria group will bring together two leading international businesses with complementary product portfolios, particularly in the sausage casings market, providing a platform for sustainable and scalable growth in highly attractive and dynamic categories."
Saria specialises in products for human consumption, animal nutrition, aquaculture, agriculture and pharmaceutical and industrial applications.
Perthshire move for boutique estate agency
UPMARKET estate agency Halliday Homes has marked its seventh year of trading with the opening of a new office in Perthshire.
The new branch in Auchterarder is the firm's third outlet, and comes as experts are predicting a downturn in the residential property market triggered by rising interest rates and the forthcoming recession.
Fund manager takes control of sustainable fashion specialist
SPECIALIST Scottish fund manager Circularity Capital has taken majority control of Advanced Clothing Solutions, which handles high street and luxury brands ranging from Slaters Menswear to Gucci and Versace.
Circularity has provided £10 million of fresh funding to ACS – the Lanarkshire-based company's largest capital injection to date – giving the Edinburgh-based fund manager a majority shareholding in the sustainable fashion business.
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