VDC agrees to new Genus offer

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.

  • The Times 09/06/99 page 26 (Business Roundup)
  • Financial Times 09/06/99 page 32

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