InsideArbitrage Potential Deal Alert: Evotec (EVO) Said to Tap Advisers as Slump Sparks Takeover Fears

POTENTIAL DEAL DETAILS

According to Bloomberg, German drug developer Evotec SE (EVO) is speaking to defense advisers after a decline in its share price prompted fears about the company’s vulnerability to a takeover. Multiple buyout firms have been studying Hamburg-based Evotec as a potential target. Potential suitors are in the early stages of speaking to advisers as they evaluate Evotec and its drug pipeline.

Evotec SE Investor Relations

Update(s):

November 11, 2024: Bloomberg reported Triton Partners is considering a takeover bid for Germany’s Evotec SE (EVO).

November 14, 2024: Halozyme Therapeutics (HALO) confirmed it has submitted a non-binding proposal to the Management Board and Supervisory Board of Evotec to acquire Evotec (EVO) for €11.00 per share in cash, implying a fully diluted equity value of €2.0 billion.

November 17, 2024: Bloomberg reported that Halozyme Therapeutics (HALO) plans to finance its €2 billion ($2.1 billion) proposed takeover of Germany’s Evotec (EVO) in cash. “We feel confident in being able to fund this as a fully cash deal,” CEO Helen Torley said in an interview. “Equity will not be used. As we take on some debt, our strong cash flow will be able to bring us down to two times leverage very rapidly” after the deal closes, she said. Halozyme, based in San Diego, plans to fund a portion of the offer with some of the roughly $600 million of cash on its balance sheet and the rest with debt, Torley said. The firm is currently finalizing the structure of the debt financing with potential bank lenders, she said.

November 22, 2024: Halozyme Therapeutics (HALO) announced it has withdrawn its non-binding proposal to acquire Evotec SE (EVO) for €11.00 per share in cash, implying a fully diluted equity value of €2.0 billion. “Evotec has been unwilling to engage with us to explore a potential combination and a company spokesperson has publicly commented that its goal is to remain an independent company,” said Halozyme CEO Helen Torley. “As a result, we are withdrawing our proposal to acquire Evotec for €11.00 per share in cash.”

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.