PE firm Advent to buy Dutch pharmacy chain Mediq for $1.01 bn

Private equity firm Advent International today offered to buy Dutch medical supplier and pharmacy chain Mediq for €775 million ($1.01 billion) in cash.

Boston-based Advent plans to pay €13.25 a share, 53 per cent premium to the Amsterdam-listed company's closing price on 21 September.

Advent said that it will fund the takeover with debt and equity.

Advent said that the management board and supervisory board of Mediq has supported and unanimously recommend the offer, and Templeton Investment Counsel and Silchester International Investors, collectively holding  20.2 per cent of Mediqs outstanding shares, have already accepted the offer.

Mediq said that in the second half of 2011 it had conducted a strategic review for continuing its growth strategy, and the interests of stakeholders, and concluded that delisting the company and continuing in a private setting is the best way forward.

''The Supervisory Board of Mediq fully supports and unanimously recommends the intended offer from Advent as it deems such offer very compelling in serving the interests of all our stakeholders.''