Shares of Spanish food supplement maker Biosearch Life jumped by more than 40% today after food and ingredients company Kerry Group announced a takeover bid.
Kerry offered €2.20 in cash for each Biosearch share, a price representing a 46% premium on Friday's close price and valuing the company at €127m.
Kerry said it had already secured 17 million shares, or 29.5% of Biosearch Life, which produces supplements from botanical extracts, probiotics and lipids for the food industry.
Biosearch shares soared 40% in morning trade to €2.12, close to the €2.20 offered by Kerry.
Kerry's shares were down 2.4% in Dublin after the offer was announced.
Based in Granada and employing over 150 employees, Biosearch Life is a leader in the nutraceutical and functional food sectors.