Dutch chemical distributor Univar today recommended a €1.5 billion ($2.04 billion) cash bid from private equity firm CVC Capital Partners.
The bid from Ulysses Luxembourg, a company controlled by funds managed by CVC Capital Partners, is at €53.50 per share, Univar and CVC said.
HAL Holding, which owns about 26.6 per cent of Univar shares, said it has agreed to offer its stake to the bidder, and will not offer its shares to another party at a price below €57.50 within a certain time.
Shares in Univar, which buys chemicals in bulk, and then blends and repackages them, surged 36 per cent to €53 earlier today after touching a high at €53.15.
Univar is the latest Dutch company set to be taken over, joining bank ABN Amro and industrial company Stork, among others, as Dutch firms have attracted investors thanks to strong private equity appetites and few government barriers to takeovers.
Univar said its supervisory and management boards recommended the offer as it was financially attractive and would help Univar grow organically and through acquisitions.