Delft Instruments, the Dutch high technology company currently listed on Euronext Amsterdam, is set to undergo a €152 million ($189 million) buyout led by private equity firm Alpinvest Partners.
In a joint statement, the two parties said that “the expectation is justified that agreement can be reached” on a deal. It added that due diligence will be undertaken in the coming weeks before final agreement is reached.
The statement disclosed terms of an offer of €17.50, which represents a 17 percent premium to the share price the day before the announcement was made and a 36 percent premium to the average closing share price in the 12 months prior to the announcement.
Delft said shareholders representing 52 percent of the outstanding share capital had so far agreed to support the offer should it be finalised. Under Dutch takeover rules, the deal requires 95 percent of the outstanding share capital to be tendered for the offer to become unconditional.
Delft Instruments is the holding company of an international group of companies that develop, produce, sell and service precision hardware and software for medical and industrial customers. Medical applications include radiation treatment for cancer, x-ray and ultrasound diagnostics and digital archiving of x-ray images. Industrial applications include control and management of the storage and transport of oil and gas products.
Listed on the NextEconomy segment of Euronext Amsterdam, Delft employs 1,200 people and posted a preliminary net profit of €10.4 million on turnover of €237 million in 2003.
The deal is set to be the second for Alpinvest since it spun out of NIB Capital last month, following its €200 million purchase of German car interior business Novem from CVC Capital Partners and Goldman Sachs.
The firm, which is now directly controlled by Dutch pension funds ABP and PGGM, has around €20 billion of assets under management.