Natara Sweetens Deal for Treatt with Increased £173.8 Million Offer

Natara Global Limited, backed by Exponent Private Equity LLP, has upped its bid to acquire Treatt PLC (LON: TET), a leading ingredients manufacturer, signaling a strong intent to finalize the deal.

The revised offer of 290 pence per Treatt share represents a total valuation of approximately £173.8 million. Treatt shares are up more than 2% on Monday morning.

The increased cash offer follows what Natara describes as “constructive engagement” with Treatt’s board and major shareholders. Natara believes the improved terms deliver “full and fair value” to Treatt shareholders, providing certainty amidst market volatility.

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Headline Numbers:

• Offer Price: Increased to 290 pence per share from the original 260 pence.
• Premium: 29.5% premium to Treatt’s closing price on September 5, 2025.
• Valuation: The deal values Treatt’s entire issued share capital at approximately £173.8 million.

The new offer marks an 11.5% increase from the initial bid. It also represents a substantial 32.0% premium over the one-month volume-weighted average price leading up to the initial announcement and a 55.6% premium compared to Treatt’s share price before its July trading update.

The Treatt board, advised by Peel Hunt and Investec, deems the increased offer “fair and reasonable.” Consequently, directors intend to unanimously recommend that shareholders vote in favor of the scheme.

Natara has secured irrevocable undertakings from Treatt directors and a major shareholder, representing approximately 2.99% of Treatt’s issued share capital. A non-binding letter of intent covers an additional 1.22%, bringing the total committed or intended support to 4.21%.

The financing for the acquisition will come from equity provided by Exponent Fund IV and Exponent Fund V, along with new debt financing. Rothschild & Co., Natara’s financial advisor, has confirmed the availability of sufficient resources to complete the transaction.