Synlab confirms Cinven takeover offer (updated)

Synlab AG

13/03/2023 11:46

(Updates with Synlab statement, share price)
       March 13 (Reuters) - 
    German laboratory equipment producer Synlab  SYAB.DE  said
on Monday that UK private equity firm Cinven had submitted a
non-binding offer to fully take over the company at 10 euros per
share. 
    "This expression of interest was not coordinated with the
Company and it is currently not foreseeable whether there will
be a public acquisition offer on the part of Cinven to all
shareholders of Synlab AG", the German company said. 
        Synlab's shares extended their gains and were trading at
around 9 euros per share at 1130 GMT, up around 30% from market
open.
  
        This put the company on track for its best day ever and
the stock topped Germany's small-cap index  .SDAX  which was
down 2.41%.
  
    Bloomberg News had earlier reported that Cinven, which holds
a 43% stake, was considering taking Synlab private following its
IPO two years ago. 
    The asset manager was weighing the move as demand for
testing vanishes following the COVID-19 pandemic, Bloomberg
added, citing people familiar with the matter. 
    

 (Reporting by Andrey Sychev in Gdansk
Editing by Miranda Murray and Rachel More)
 ((Andrey.Sychev2@thomsonreuters.com))