Private equity firm EQT (EQTAB.ST) on Friday announced a new deal that values the Cheshire-based company at 4.9 billion pounds ($6.1 billion) including debt. The offer took a 5% bite out of the original bid from April, mainly because Dechra subsequently released a poor trading update. Shares in the target, led by company veteran Ian Page, shot up on Friday but are 6% below the EQT takeout price. For starters, board directors have backed the deal and committed to tender their, admittedly small, slither of shares. Breakingviews calculated in April that the buyer would earn a so-so 17% gross return at the original price, even using very generous growth assumptions.

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Persons: Dechra, Ian Page, Liam Proud, Aimee Donellan, Streisand Neto Organizations: Reuters, Dechra Pharmaceuticals, RBC, Twitter, Toyota, Thomson Locations: Cheshire, Saudi, East