(Reuters) -Shares in German healthcare software provider CompuGroup Medical surged 30% on Monday after the company said investor CVC Capital Partners has offered to acquire it and take it off the stock exchange.
CompuGroup said CVC had offered 22 euros ($23.24) per share, which corresponds to a 51% premium to CompuGroup's average share price over the past three months.
The deal, which is subject to regulatory clearances, is worth 1.14 billion euros ($1.20 billion) based on CompuGroup's 51.7 million shares outstanding, Reuters' calculations showed. Its shares closed at 16 euros on Friday.
The deal's minimum acceptance threshold is set at 17% and the German company's supervisory board expects to recommend the shareholders to approve the offer after a review.
Both parties have also entered a strategic partnership, pending the deal's completion, that would allow CompuGroup's founding Gotthardt family to remain invested in the company to the same extent as before.
The Gotthardt family and its investment vehicles would retain a stake of around 50.1% after a strategic partnership with CVC is established, CompuGroup said in an earlier statement on Sunday.
CompuGroup shares fell to a 10-year low in July after the company, whose software is used to manage patient data, cut its fiscal 2024 guidance. The stock has fallen more than 55% year to date.
CompuGroup, based in Koblenz, Germany, posted revenue of 283.4 million euros in the third quarter.
($1 = 0.9461 euros)
(Reporting by Disha Mishra and Urvi Dugar in Bengaluru, Andrey Sychev in Gdansk; editing by Lisa Shumaker, Richard Chang and Susan Fenton)
