Treatt has agreed a recommended cash takeover by Germany’s Döhler Group SE, in a deal that values the natural extracts specialist at around £183 million.
Under the terms, Treatt shareholders will receive 305p in cash for each share, alongside the previously announced final dividend of 3p per share for the year ended 30 September 2025, payable on 13 May.
The offer represents a 48% premium to Treatt’s closing price of 206 pence on 28 April, the last business day before the announcement.
It also comes in 17% above Natara’s original September 2025 cash offer and 5% above Natara’s increased bid in October. Natara originally offered 260p in September, then bumped their bid to 290p.
But Natara’s final bid wasn’t quite enough and Treatt held out for today’s 305p approach.
Treatt shares have underperformed in recent years, and Döhler, already Treatt’s largest shareholder, argues that public markets are unlikely to support Treatt’s strategy, adding that private ownership would provide the company with the platform for growth.
The German group points to highly complementary portfolios, Treatt’s strategically attractive US production footprint, and immediate cross-selling opportunities across geographies and strategic accounts as the key prizes from a tie-up.
Sadly, Treatt is one in a long line of companies leaving London’s public markets, unable to support their valuations or growth ambitions.