09 June 1999
VDC agrees to new Genus offer
VDC, the veterinary supplies company, has agreed to a takeover offer by Genus, a cattle-breeding company, following an increased offer.
Genus offered 235p a share for the Aim-listed VDC, valuing the company at 25.7m.
VDC had rejected earlier bids at 190p and 220p a share, and had instead proposed a merger with Lawrence, a rival animal supplies company.
The deal with Genus means that VDCs 30.8m agreed offer for Lawrence, which is also Aim-listed, will not proceed.
VDC launched the Lawrence tie-up last month in an attempt to fight off Genuss earlier offer.
Dechra Holdings, an animal healthcare products business which has expressed interest in making a 235p-a-share bid for VDC, could still scupper the VDC offer.
But VDC said there was too much risk that a deal with Dechra would be referred to the Competition Commission.