York-based international animal health business Animalcare Group plc said on Thursday it has agreed to a £235.2 million cash takeover offer from London private equity firm Charterhouse Capital Partners LLP priced at £3.36 per share.

The cash offer represents a premium of 36% to the closing price of £2.47 per Animalcare share on April 15.

Animalcare chair Ed Torr said: “As chair, my priority is to ensure that Animalcare Shareholders have the opportunity to realise fair value for their investment.

“While the Animalcare board remains confident in Animalcare’s standalone prospects, delivering our long-term growth ambitions would require a sustained period of investment and execution over a number of years, against a backdrop of increasing macroeconomic uncertainty.

“The offer from Bidco provides Animalcare Shareholders with immediate value certainty in cash at an attractive premium and, for Eligible Animalcare Shareholders, the option to retain an economic interest through the Alternative Offer.

“Following a comprehensive review, supported by our advisers, the Animalcare board has concluded unanimously that the acquisition is in the best interests of Animalcare and the Animalcare Shareholders as a whole.”

Haitham Nasri, Partner in the Deal Team of Charterhouse, said: “We are delighted to be announcing this recommended acquisition of Animalcare, an attractive business with unique characteristics as a global animal health pharmaceuticals platform.

“We look forward to partnering with the Animalcare management team in accelerating Animalcare’s growth and achieving their strategic ambition.

” … we will continue to provide the resources and strategic flexibility required to accelerate R&D investments for the long-term, make the required operational investments and pursue transformative M&A.”