FTSE 250 movers: Dechra surges on takeover; Wizz Air flies lower

(Sharecast News) - Dechra Pharmaceuticals said on Friday that it has agreed to be taken over in a £4.46bn deal.

The veterinary medicine firm said it had accepted an all-cash offer of 3,875p per share from Swedish private equity firm EQT and Luxinva, a subsidiary of the Abu Dhabi Investment Authority (ADIA).

The offer, made through the two firms' Freya bidco, represents a 44% premium to the closing share price on 12 April, when the offer period started, and a 15% premium to Thursday's closing price.

It is, however, lower than an initial approach of 4,070p per share.

EQT has long had Dechra in its sights, and made a number of unsolicited bids - all of which were rejected - before its indicative approach was accepted in April.

Last month, a put up or shut up deadline for EQT to make a firm offer or walk away was extended until 2 June, allowing talks to continue. The extension came shortly before Dechra warned that full-year operating profits would be below expectations, in large part because of de-stocking by wholesalers, sending the share sharply lower.

Recommending the new offer, Dechra chair Alison Platt said: "The board considers EQT, together with ADIA, to be highly experienced investors, with a strong sector understanding who will, we believe, prove to be responsible and supportive owners."

Anthony Santospirito, EQT partner, said: "We plan to support Dechra's talented management team, accelerating their business strategy and long-term growth in an increasingly competitive environment by providing, where needed, additional investment in its innovative pipeline and further supporting global expansion."

Dechra, which debuted on the London market in 2000, now operates in 26 countries with more than 2,400 employees.

Ferrexpo gained on higher metals prices. Meanwhile, struggling fast fashion outfit Asos made gains a day after being booted from the FTSE 250.

Meanwhile there was more pain for Dr Martens as investors continued to stick the boot into the stock after a profit warning and poor annual results posted on Thursday.

Wizz Air fell, despite a rise in May passenger numbers.

FTSE 250 - Risers

Dechra Pharmaceuticals (DPH) 3,652.00p 8.24% Ferrexpo (FXPO) 99.45p 8.22% Tullow Oil (TLW) 25.58p 4.84% 4Imprint Group (FOUR) 4,905.00p 4.36% UK Commercial Property Reit Limited (UKCM) 56.00p 4.28% Big Yellow Group (BYG) 1,206.00p 4.24% Grafton Group Ut (CDI) (GFTU) 858.40p 4.06% National Express Group (NEX) 111.10p 4.03% Carnival (CCL) 845.20p 3.88% ASOS (ASC) 355.20p 3.86%

FTSE 250 - Fallers

Bodycote (BOY) 621.50p -3.64% Pennon Group (PNN) 761.50p -2.75% Wizz Air Holdings (WIZZ) 2,753.00p -1.47% Wood Group (John) (WG.) 140.00p -1.20% Helios Towers (HTWS) 89.95p -1.15% Drax Group (DRX) 548.40p -0.98% Tate & Lyle (TATE) 786.50p -0.76% Dr. Martens (DOCS) 137.10p -0.65% Cranswick (CWK) 3,318.00p -0.60% QinetiQ Group (QQ.) 355.60p -0.56%