Sausage skin maker Devro PLC (LSE:DVO) is exiting the stock market after 29 years after succumbing to a £667mln bid from a food company owned by one of Germany’s wealthiest families.
Saria Group is part of the Rethmann empire and is paying 316.1p a share for the UK business, which has been listed since 1993.
That is a 65% premium to Thursday’s close and was sufficient to gain the backing of the Devro board.
The Rethmans are among Germany’s wealthiest and best-known families due primarily to their stewardship of Rethmann SE & Co, which owns water treatment, agriculture and food production and transport logistics assets.
The company was founded in 1934 when Josef Rethmann took over a rail freight forwarding company in Selm, a town around 25 kilometres north of Dortmund.