Published on 25 May 2022 on MarketWatch
Covetrus going private in $4 billion deal
Animal health company Covetrus Inc. said Wednesday it agreed to be taken private by Clayton, Dubilier & Rice (CD&R) and TPG Capital in a deal valued at $4 billion. The two private equity firms agreed to pay $21 a share, which is $1.34 or 6.8% over its closing price of $19.66 a share on Tuesday and a 39% premium over its 30-day volume weighted average price per share as of the unaffected stock price as of May 13. CD&R partner Sarah Kim said the firm is "excited to have this opportunity to grow our investment in Covetrus" after initially investing in its predecessor Vets First Choice in 2015. CD&R already owns about 24% of Covetrus's common stock. Shares of Covetrus are down 1.6% so far in 2022, compared to a loss of 28% by the Nasdaq