German agriculture, food and biofuels business Saria has reached an agreement with Moodiesburn-based edible casings company Devro on a cash acquisition of its entire issued share capital.
Under the terms of the deal, Devro shareholders will be entitled to receive 316.1 pence in cash for each share held.
This values the entire issued and to be issued share capital of Devro at approximately £540m on a fully diluted basis, implying an enterprise value of £667m, equivalent to a multiple of 10.9 times enterprise value to earnings before tax for the year ended 30 June 2022.
