German ingredients group Döhler Finance Management B.V. has launched a £183 million all cash takeover offer for Treatt (LON: TET), with the board of the Suffolk based natural extracts manufacturer recommending shareholders vote in favour.
The proposed acquisition values each Treatt share at 305 pence, representing a premium of approximately 48 percent to the closing price on the day before the announcement was made.
Döhler is already a significant shareholder in Treatt, holding around 27.9 percent of the company’s issued share capital prior to the bid being formally tabled.
The two businesses have an established commercial relationship spanning several years, with Döhler operating as both a strategic supplier to and customer of Treatt across its product portfolio.
Treatt chair Vijay Thakrar said the offer provided shareholders with a cash exit at an attractive valuation while giving the underlying Business access to a larger strategic platform.
Interim group managing director Manprit Randhawa said the first half performance had been in line with expectations, as the company continued operating in a challenging global environment.
Half year results published alongside the takeover announcement showed group revenue fell 6.5 percent to £59.9 million for the six months ended 31 March 2026, with adjusted EBITDA dropping 18.1 percent to £5.4 million.
Profit before tax for the period came in at £2.0 million, down 30.6 percent year on year, reflecting softer volumes across the Heritage and Premium segments.
Net debt improved to £4.4 million at the period end, compared to £5.9 million at the prior year close, while momentum in the health and wellness category and growth in China were cited as positives.
The deal will require approval from Treatt shareholders, who previously rejected a rival bid worth £173.8 million from Natara Global Limited at a November 2025 shareholder vote.
Döhler chief marketing officer Martin Tolksdorf said the company was excited about expanding its existing partnership with Treatt through full ownership.