De Brauw advises Hydratec Industries on the recommended public cash or share offer by Ten Cate Investeringsmaatschappij

De Brauw is acting as lead advisor to Hydratec Industries N.V. on the recommended public cash or share offer (keuzebod) for all issued and outstanding shares of Hydratec Industries at a price of EUR 142.50 per share to be settled in either cash or non-listed shares in the offeror, by Hydra Invest B.V., a company controlled and fully owned by Ten Cate Investeringsmaatschappij B.V. Hydratec Industries is a sustainable producer of systems for a growing and ageing world population and producer of hi-tech components.

The offer represents a total value of approximately EUR 185 million for 100% of the shares and a premium of 52.4% to the company’s closing share price on 18 January 2024.

The Offeror currently controls approximately 69% of the Hydratec Industries shares.

Shareholders that opt for the share settlement may at any time after the settlement of the Offer, offer their non-listed shares in the Offeror to TCIM for a cash consideration determined on the basis of a fixed formula that includes an EV/EBITDA multiple equal to the multiple implied by the cash consideration in the Offer.