(Reuters) - Australia’s National Veterinary Care Ltd (NVL.AX) said on Monday it entered into an initial agreement to be acquired by a veterinary clinic chain operator, in a deal valued at A$248.4 million ($168.56 million).
Under the deal, VetPartners has offered to pay A$3.70 for each share of National Veterinary Care, which represents a premium of about 56.8% to the stock’s last closing price.
VetPartners, owned by private company Australian Veterinary Owner’s League Pty Ltd, owns and operates more than 140 veterinary clinics in Australia, New Zealand and Singapore.
The board of the ASX-listed veterinary services provider said it unanimously backed the deal.
“VetPartners’ proposal represents a significant premium to National Veterinary Care’s current share price, is 100% cash consideration and offers National Veterinary Care shareholders a high degree of certainty,” said Susan Forrester, the company’s chair.
Subject to approval by the country’s Foreign Investment Review Board, it expects the scheme to be implemented in early April 2020, National Veterinary Care said in a statement.
Reporting by Rashmi Ashok in Bengaluru; Editing by Chris Reese and Peter Cooney