Mars, Incorporated and Heska Corporation announced this week that they have entered into a definitive agreement under which Mars will acquire Heska, a global provider of advanced veterinary diagnostic and specialty products for $120 per share. This transaction price represents a premium of approximately 38% over Heska’s 60-calendar day volume weighted average price and a premium of approximately 23% over Heska’s closing stock price as of March 31, 2023.
This agreement has been unanimously approved by the boards of directors of both companies. And upon the closing of the transaction, Heska will join Mars Petcare, a purpose-driven global business serving pets and pet owners through products and services within veterinary health and diagnostics, nutrition, innovation, and technology. This deal will enable the Science & Diagnostics division of Mars Petcare to expand its diagnostic offerings and broadly promote point-of-care veterinary diagnostics to the global pet healthcare community.
The deal includes customary closing conditions, including Heska shareholders’ and regulatory approvals and is anticipated to close in the second half of 2023.
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“We look forward to welcoming Heska to Science & Diagnostics as we share the belief that diagnostic innovation is a critical enabler to providing transformative veterinary care.” Greene added: “This transaction will bring together highly complementary businesses with a strong strategic and cultural fit that furthers our purpose to create A BETTER WORLD FOR PETS. This comprehensive diagnostic offering will mean broader coverage across diagnostic products, services, and technology, and will accelerate R&D for novel solutions.”
— Nefertiti Greene, President, Mars Petcare, Science & Diagnostics
“Today’s announcement is a great testament to the quality of our Heska family – we are small, but our people and their creativity, execution, expertise, and value-creation have made us exceptional. We are thrilled to join Mars Petcare on its quest to build A BETTER WORLD FOR PETS™. Working together, Heska’s innovations will more quickly reach more veterinarians to help more pet families live better, healthier, longer lives. That’s been our mission for over a decade and today is an incredible milestone towards realizing it.”
— Kevin Wilson, Chief Executive Officer & President, Heska
