Upon completion of the transaction, Thorne will transition into a privately held entity, and its common stock shares will no longer be publicly listed on any stock exchange
L Catterton to acquire Thorne HealthTech for $680m. (Credit: Darko Stojanovic from Pixabay)
Thorne HealthTech has entered into a definitive agreement with L Catterton, a prominent global investment firm, under which L Catterton will initiate a tender offer to acquire all the outstanding shares of common stock of Thorne for $10.20 per share in cash.
Thorne HealthTech is engaged in the development of inventive solutions that offer personalised approaches to health and wellness.
Functioning as a science-oriented wellness company, Thorne HealthTech empowers individuals by providing them with the necessary support, education, and solutions to achieve healthy ageing, enabling them to live healthier lives for a longer duration.
Thorne’s methodology involves leveraging testing and data to enhance product effectiveness and offer tailored solutions to consumers, healthcare professionals, and corporations.
The total value of the transaction is approximately $680m, marking a significant 94% premium compared to the closing share price on 20 July 2023, before the offer announcement.
Additionally, it represents an impressive 113% premium compared to the 30-day volume weighted average price as of the same unaffected date of 20 July 2023.
Both Thorne’s independent Special Committee and Board of Directors have wholeheartedly endorsed the agreement. They have unanimously approved the deal and are actively encouraging all stockholders to participate by tendering their shares in the tender offer.
Thorne chairman and CEO Paul Jacobson said: “This transaction is an excellent outcome for all of our stakeholders and marks the beginning of an exciting new chapter for Thorne.
“For over a decade, we have worked tirelessly to deliver on our mission to bring science-based solutions to the prevention space and empower consumers to live healthier lives longer.
“L Catterton has an impressive track record of fostering the growth and success of leading global consumer brands. Together with their deep expertise in the health and wellness industry, global reach, and extensive operational capabilities, I am confident L Catterton is the right partner to fuel Thorne’s long-term growth.”
The anticipated timeframe for the completion of the transaction is the fourth quarter of 2023, pending the fulfilment of standard closing prerequisites. These prerequisites encompass meeting the minimum tender condition and securing the necessary regulatory approvals.
Post the transaction’s successful conclusion, Thorne will transition into a privately held entity, and its common stock shares will no longer be publicly listed on any stock exchange.