American firm Advent completes takeover of pharmacy group Mediq

American investment group Advent International has completed its takeover of Dutch pharmacy and pharmaceutical supply group Mediq.

Advent launched its takeover bid last September with a €13.25 per share offer, valuing the company at €775m. Resistence from a number of shareholders, led by Delta Lloyd, prompted Advent to increase its offer to €14 a share last week. All shareholders are now on board.

Advent said in a press release on Tuesday it now controls 96.1% of the shares.

Mediq said in September Advent had agreed the company headquarters will remain in Utrecht and ‘no jobs will go as a direct consequence of the takeover’.

The company concluded in 2011 the best long term strategy for the group is to delist and continue as a private concern.