Chinese investment firm Creat Group Corp. will make a voluntary public takeover offer for all outstanding publicly traded ordinary and preference shares of Biotest AG under a five-year business combination agreement.
Biotest shareholders will be offered €28.50 in cash per ordinary share and €19 in cash per preference share in a deal that values Biotest at €1.3 billion, including net debt.
The offer will be subject to certain closing conditions, including regulatory approvals and a minimum acceptance threshold of 75% of Biotest's ordinary shares. Members of the management board plan to accept the offer and to tender their personal shares.
Biotest's majority shareholder OGEL GmbH supports the deal and signed an agreement with Creat to irrevocably accept the offer and to tender its shares, which represent 50.61% of all outstanding ordinary shares.
Creat agreed to keep Biotest's corporate seat in Dreieich, to maintain Biotest's corporate name, brand and product names, and also to increase employment levels consistent with the current management business plan and to adhere to existing shop and collective bargaining agreements and employee co-determination.
The offer document is subject to approval by the German Federal Financial Supervisory Authority.
Credit Suisse is acting as financial adviser and Ashurst LLP is acting as legal adviser to Biotest.