...- On Sept. 29, 2023, Cinven, Synlab's major stakeholder, announced a public acquisition offer to all other shareholders at a price of 10 per share, and we expect Cinven to raise additional debt at Synlab to fund the transaction. - Synlab expects the transaction to close at year-end, pending the regulatory and shareholder approvals, with the option of Cinven acquiring 80%-90% of the total outstanding shares, versus 43% currently. - We therefore placed on CreditWatch negative our '##-' ratings on Synlab AG and the company's senior secured term loans. - The CreditWatch negative indicates our view that Cinven's public acquisition will likely deteriorate Synlab's credit profile, due to the increased leverage and a more aggressive financial policy. We expect to resolve the CreditWatch placement as soon as the transaction is finalized, including receipt of all regulatory and shareholder approvals and full clarity on the new capital structure and financial policy....
