Döhler agreed on 29 April to acquire the shares it did not already own in Treatt, the UK supplier of natural flavours and ingredients, at 305p each in cash, valuing the company at about £183m.
Why Döhler Group SE is buying Treatt plc
Döhler pointed to complementary product portfolios, a stronger US footprint and greater innovation capacity, and argued that public markets might not adequately support Treatt's strategy. Treatt's board said the offer gave shareholders the certainty of a cash exit at an attractive value, after two profit warnings had roughly halved the share price.
Deal terms and financing
The 305p offer was a 48% premium to Treatt's 206p closing price on 28 April and 5% above Natara Global's lapsed final offer of 290p; shareholders also kept a 3p final dividend. Döhler already held about 27.9% of Treatt. The deal was structured as a court-sanctioned scheme of arrangement, backed by letters of intent from investors holding about 12%.
Regulatory approvals and timing
The offer needed competition clearance in Austria, Ireland, the UK and the US as well as shareholder and court approval. The scheme became effective on 2 July and Treatt's listing was cancelled on 3 July 2026.
Market context
Treatt shareholders rejected Natara Global's offer in 2025, prompting the departure of chief executive David Shannon. Treatt is both a supplier to and a customer of Döhler, and its Bury St Edmunds site will remain its main UK hub.
