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Home » William Demant in talks to buy French hearing aid retailer Audika

William Demant in talks to buy French hearing aid retailer Audika

February 17, 2015 By MassDevice Contributors Network

William Demant in talks to buy French hearing aid retailer Audika

(Reuters) — Danish hearing aid maker William Demant (CPH:WDH) has opened talks to buy French retailer Audika in a deal that would value the company at €168 million ($191 million).

A takeover would complement a long-standing supply partnership between the 2 companies and give William Demant a more direct retail link to customers.

It comes after William Demant, the world’s 2nd-largest hearing aid maker, was ousted by larger rival Sonova Holding AG (SIX:SOON) as a product supplier to Costco (NSDQ:COST) stores in the United States.

William Demant said in a statement it has entered into exclusive negotiations to buy a 53.9% stake in Audika held by controlling shareholder Holton SAS at a price of €17.78 euros per share.

Audika shares surged almost 28% to €17.25 while William Demant rose 0.9% to 495.40 DKK.

If successful, William Demant would start a mandatory public tender offer under French regulations for the remaining 46.1% of the outstanding share capital of Audika.

Headquartered in Paris, Audika has more than 460 retail outlets across France and another six in Belgium. In 2014, Audika recorded revenue of €98.7 million.

Analyst Michael Friis Jorgensen from Alm Brand Markets said the deal looked like a defensive move.

"They don’t want to lose the sales through Audika’s stores but the deal could put a stop to their expected share buyback programme," Jorgensen said.

William Demant’s advisers on this transaction are Moelis & Co. and Latham & Watkins. ($1 = €0.8806)

Filed Under: Mergers & Acquisitions, News Well Tagged With: Audika, Costco Wholesale Corp., Hearing, Sonova Holding AG, William Demant Holding

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