CA - Catalent - Novo Holdings Merger: Attractive Spread
2024-02-07 16:29:17 ET
Summary
- We anticipate an FTC review for the Novo Holdings acquisition of Catalent, Inc. but see no grounds for blocking.
- Timetable risk due to regulatory approval under HSR Act.
- Attractive 10.2% gross spread with favourable probability of closing.
On 5 Feb 2024, Catalent, Inc. ( CTLT ) and Novo Holdings announced that they have entered into a merger agreement, under which Novo Holdings will acquire Catalent in an all-cash transaction that values Catalent at $16.5bn on an EV basis. As per the announcement, Catalent shareholders will receive $63.50 per share in cash, representing a 47.5% premium to the 60-day VWAP, as of February 2, 2024....
Catalent - Novo Holdings Merger: Attractive Spread