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It runs online pharmacies, has a medical wholesale business in Switzerland and also operates a marketplace in southern Europe for consumer health and beauty products. The unprofitable company’s market capitalization soared during the coronavirus pandemic, reaching nearly 5.4 billion francs at one point. Zur Rose, which gets most of its revenue from Germany and Switzerland, was founded in 1993 by a group of doctors and went public in 2017. Representatives for Zur Rose, H&F and KKR declined to comment. A deal isn’t expected in the near future given current valuation levels and the state of the credit market, which makes it difficult for private equity firms to finance buyouts, the people said. Zur Rose, the owner of sites including DocMorris, could also pursue other options to improve its balance sheet, the people said. Rival online pharmacy Shop Apotheke Europe NV also rallied, rising as much as 4.7% in Frankfurt before reversing the gains. Monday in Zurich, giving the company a market value of about 685 million Swiss francs ($715 million), as sentiment was hurt by several research analysts cutting their target prices earlier in the day. Shares of Zur Rose briefly jumped into positive territory, surging as much as 7.7%, before turning negative again. It has held talks in recent months with potential suitors including US buyout firms KKR & Co. The Frauenfeld-based company has been working with advisers to look at alternatives ranging from a take-private to a private investment in public equity, the people said, asking not to be identified because the information is private. He also said Bird has been in talks with H&F since 2017, according to proxy materials, which might have dissuaded other potential buyers from bidding.(Bloomberg) - Zur Rose Group AG, the Swiss online pharmacy, is exploring strategic options including a possible sale, according to people familiar with the matter. Sosin said At Home CEO Lee Bird, who guided some of the company's recent strong growth, stands to make more than $100 million in connection with the deal.
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Since the deal was announced last month, the company's stock has largely traded between $36 and $37. The board of directors' special committee is trying to "usher through a fire sale," Sosin wrote, adding that it failed to conduct a thorough strategic review and did not consult key shareholders like CAS before "falling into H&F's arms this spring." Representatives for At Home and H&F did not immediately respond to a request for comment. He added that certain other shareholders are also opposing the "insufficient, conflict-ridden deal." We urge you to reject H&F’s insufficient tender offer," CAS founder and portfolio manager Clifford Sosin wrote in a letter seen by Reuters. "H&F’s original offer of $36 per share and its recently revised offer of $37 per share grossly undervalue the Company and deprive stockholders of meaningful value. This week it said H&F raised its price and will start a tender offer to buy shares instead of letting shareholders vote on the proposed deal, in which a majority would be required for the deal to proceed. At Home agreed to sell itself to H&F last month for $36 a share and said the deal included a 40-day "go shop" period to find other potential buyers.