The company has already launched a savings program that will save around 25 million euros in 2022.
(Photo: Reuters)
Frankfurt Almost two years after the IPO, Synlab’s major shareholder, Cinven, is considering a takeover bid for Europe’s largest chain of laboratories. Cinven is considering a possible offer of ten euros per Synlab share, the company announced on Monday. “The expression of interest was not coordinated with the company.”
It is currently not foreseeable whether Cinven will make a public takeover offer to all Synlab shareholders. Synlab now wants to examine its further options for action and the expression of interest from the British investment company.
Cinven only took Synlab public in spring 2021 at a valuation of 5.9 billion euros including debt. The financial investor still holds 43 percent of the shares and is thus the largest single shareholder – but Cinven actually wanted to gradually get out of Synlab. The second largest shareholder is the Danish Novo Holdings with 17 percent, and Qatar is also invested with around five percent.
Synlab shares took off on the stock exchange and increased by almost 30 percent to EUR 9.10.
The Bloomberg news agency had previously reported on Cinven’s interest in Synlab. The laboratory chain could be valued at around 2.2 billion euros in a deal. On Friday, the market value was still 1.56 billion.
According to Bloomberg, privatizing Synlab could make it easier for Cinven to transform the company. Because the boom in corona tests at the laboratory chain is coming to an end, which is why Synlab is expecting a slump in profits this year. The company has already launched a savings program that will save around 25 million euros in 2022.
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