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Symrise bids for Swedish probiotic player

By Shane Starling , 06-Feb-2014

Symrise has given Swedish probiotic player, Probi’s board and shareholder’s about a month to sell it the remaining 70% it doesn’t own after making a formal bid today.

Symrise is offering 40.10 Swedish kronor (€4.50) per share and Probi has said its board will make public its view on the takeover proposal next week.

The German flavours and fragrance house was obliged under financial law to make the buy-out offer after it raised the stake it has been building in Probi fir a couple of years above 30% last month.

The €4.50 per share offer corresponds to the highest price paid by Symrise during the last six months.

Backgrounder

Symrise first took an interest in Probi when it bought an 11.8% stake in August, 2011, which it has gradually increased since.

The two companies announced a formal R&D collaboration  at the end of 2012, at which time Symrise spokesperson Bernhard Kott told us oral probiotic supplements were likely to reach market this year or next.

“This is just the starting point, it will take time, but we will also work with academics and research institutions,” Kott said. “We have a lot of expertise in mints and these are a first product area for immunity and gut health and other health areas will also be explored.”

Probi had sales of about €11.25m in 2012 and has commercial ties with Danone and Merck among others.

Symrise is the world’s fourth largest supplier of fragrances and flavourings after Givaudan, Firmenich and International Flavors and Fragrances. It operates in 160 countries and had a turnover of €1.74bn in 2012.

Probi has around 5000 shareholders.

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