A private equity group has made a €675m offer for Dutch artificial turf maker TenCate, the company said on Monday.
TenCate, which listed on the Amsterdam stock exchange, is a leading developer of artificial surfaces for hockey and football pitches and also produces clever textiles such as flame retardant materials.
Gilde Buy Out Partners, together with Parcom and ABN Amro Participaties, are offering €24.60 per share for the company, a 27% premium on Friday’s close.
The buy-out partners have already received commitments equivalent to some 16% of the shares outstanding and the deal is supported by management.
Loek de Vries, TenCate chief executive, said in a statement: ‘This offer represents positive news for all stakeholders involved in our company. Both our employees and our customers will benefit from the longer-term horizon the consortium will bring.’
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