RWK BidCo AB, a company wholly owned by KKR Funds, has announced a plan to acquire Biotage’s (BITGF, Financial) ordinary shares through a public cash offer. Shareholders of Biotage are being offered SEK 145 per share. However, if Biotage's shareholders approve a dividend of SEK 1.65 per share during the Annual General Meeting on April 24, 2025, the offer price will be reduced accordingly by SEK 1.65 per share.
This offer places Biotage's total valuation at approximately SEK 11.6 billion. The acquisition proposal is subject to several customary conditions. One key requirement is that RWK BidCo must gain control of over 90 percent of Biotage's shares. Additionally, the deal is contingent upon obtaining necessary regulatory and governmental approvals, including those from competition and Foreign Direct Investment authorities.
The board of directors at Biotage has reviewed the offer and is recommending that shareholders accept RWK BidCo’s proposal. The offer is seen as a significant opportunity for shareholders, aligning with both companies' strategic interests.
