Treatt (LSE:TET) shares have risen 45.7% to 299.5p after Döhler offered 305p a share in a recommended cash acquisition.
The consideration of 305p in cash values the issued and to be issued ordinary share capital of Treatt at approximately £183 million and is payable to Treatt Shareholders for each Treatt Share.
Treatt supplies high‑performance natural extracts and flavour ingredients, and Döhler says the combination creates a complementary, scaled global ingredients platform with immediate cross‑selling and innovation opportunities.
The price represents a c.48% premium to Treatt's 28 April closing price and one‑month VWAP, a c.47% premium to the three‑month VWAP and a 17% and 5% uplift versus Natara's offers of 8 September 2025 and 6 October 2025 respectively.
Treatt's Independent Committee, advised by Peel Hunt and Investec, considers the terms fair and reasonable and intends to recommend the Scheme unanimously, and Treatt directors holding 22,201 shares (c.0.04%) have given irrevocable undertakings to vote in favour.
Döhler has so far received non‑binding letters of intent representing 7.13 million Treatt Shares, approximately 12% of the issued share capital.
The acquisition is conditional on shareholder approvals, competition clearances in Austria, Ireland, the UK and the US, Court sanction and other customary conditions and is expected to complete in Q3 2026, subject to satisfaction or waiver of those conditions.
"We firmly believe that bringing Treatt into the Döhler Group represents a natural and highly complementary evolution of our partnership," Martin Tolksdorf, Chief Marketing Officer of Döhler Group, said.
