Creat €940 million takeover of Biotest

Overview:

• Chinese investor Creat Group Corporation is in negotiations to take over German biotech company Biotest for €940 million.
• Frankfurt listed Biotest manufactures plasma protein products and bio-therapeutic drugs.
• Creat reached an agreement with Biotest's majority shareholder Ogel, an investment vehicle owned by the family of Biotest's founder, to buy its 50.61% stake in the business and has submitted a takeover offer for the remaining shares in the company. 
• Creat has offered Biotest shareholders €28.50 per ordinary share and €19 per preference share, and the company's supervisory board is in favour of the deal. 
• The offer is subject to a minimum acceptance offer of 75% of all ordinary shares, in addition to regulatory approvals.  
• If the deal completes, it will be Creat's second acquisition in Europe's bio-tech sector in as many years, having acquired UK company Bio Products Laboratory for £820 million in 2016. 

Ben Naylor - Editor