Nobel Biocare to be sold for £1.4 billion (€1.8bn)
US conglomerate agrees deal to buy Swiss-based implant company
Nobel Biocare’s board of directors has unanimously recommended that the implant company’s shareholders accept an offer of 17.10 Swiss Francs (£11.24/€14.13) per share from US healthcare giant Danaher Corporation.
The offer values the company in the region of £1.4 billion (€1.8bn) and would see it operate as a stand-alone company within Danaher’s dental platform, maintaining its own brand and identity. Danaher already owns a range of orthodontics and digital imaging systems.
Reuters reported that analysts at the Bank of America Merrill Lynch said it was unlikely a counter bid would materialise after fellow dental implant companies Straumann and Dentsply ruled out their interest.
Rolf Watter, chairman of the Nobel Biocare board of directors said: “The company announced in July that it had been approached by third parties with a potential interest in acquiring the company.
“The company retained a financial advisor to evaluate interest from potential acquirers. The Nobel Biocare board of directors has undertaken a careful review of the terms and conditions of the Danaher offer.
“We believe that the offer recognises the strategic value of Nobel Biocare and delivers a considerable cash premium to our shareholders. We view Danaher as the ideal strategic partner for the sustainable development of Nobel Biocare. The board has determined that Danaher’s offer is in the best interests of the company, our shareholders, employees, clients, suppliers and customers.”
Henk van Duijnhoven, senior vice president of Danaher’s dental platform said: “The Danaher dental platform will continue to invest in a wide range of dental technologies and innovations to better serve our customers.
“Bringing Nobel Biocare’s deep expertise in implant dentistry, digital prosthetics and software together with our extensive knowledge in 3D imaging, intraoral scanning and digital restorative solutions will further enable us to optimize and integrate workflows. This will lead to better clinical outcomes, shorter treatment times and fewer office visits to the benefit of patients and dental practitioners.
“This combination will further support our business strategy and position our dental business for future growth.
“Nobel Biocare’s leadership team has done an outstanding job creating a strong platform for future growth over the last couple of years. Our team is excited to work with the Nobel Biocare team to build on their efforts toward continued innovation, growth and business improvement. We look forward to welcoming all Nobel Biocare associates, customers and key opinion leaders to the Danaher dental team.”
Richard Laube, CEO of Nobel Biocare, said: “The Nobel Biocare team is looking forward to working with Danaher as it offers the opportunity to significantly accelerate our growth and contribute to Danaher’s leading dental platform.”