Spanish Grifols announced Monday the launch of a friendly takeover bid of 3.4 billion dollars (2.8 billion euros) over the U.S. Talecris Biotherapeutics specializes in the treatment of plasma in order to develop in the blood products.
For each action Talecris, Grifols offers $ 19 cash and 0.641 new share without voting rights.
A bid that shows a 53% premium over the average of thirty days of share price of U.S. laboratory.
There is also a good transaction for Cerberus, which owns, through a subsidiary, nearly 49% stake in Talecris.
"They pay a high premium over the market price that the market may not wish to reward short term," said Dirk Schnittke, analyst at CM Capital Markets.
"But it is a good strategic choice for medium-long term and they would not have achieved without preparing their project."
Around 10:30 GMT, Grifols fell nearly 5% to 8.81 euros, while the Madrid Stock Exchange was at equilibrium at the same time.
Including debt, the total redemption amounts to four billion dollars.To finance part of the transaction, Grifols will issue up to 84,000,000 new shares for 900 million dollars.
The Spanish group said Monday he hoped for about $ 230 million of annual synergies of the transaction, unanimously approved by directors of both companies and recommended to their respective shareholders.
The transaction should be accretive from the first year and increase earnings per share of 30% during the second year.
Grifols has given finance its deal, expected to close in the second half, to a syndicate of banks including Deutsche Bank, Nomura, BBVA, BNP Paribas, HSBC and Morgan Stanley.
