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© mikael damkier dreamstime.com Business | January 23, 2017

Motherson Sumi Systems wants PKC Group

Motherson Sumi Systems Limited (MSSL) and PKC Group Plc have entered into a combination agreement.
MSSL will make, through a directly or indirectly wholly owned subsidiary, a voluntary recommended public tender offer to purchase all the issued and outstanding shares and stock options in PKC that are not owned by PKC or any of its subsidiaries.

In the Tender Offer, PKC’s shareholders are being offered a cash consideration of EUR 23.55 for each share in PKC and holders of stock options are being offered a cash consideration of EUR 23.55 minus the applicable subscription price for each outstanding stock option in PKC representing an aggregate equity purchase price of approximately EUR 571 million.

The Board of Directors of PKC has unanimously decided to recommend the shareholders and the holders of the stock options to accept the Tender Offer.

“MSSL's offer is an attractive premium to the share price of PKC and reflects the strategic value of the business. The combination with MSSL will also strengthen further the competitive position of PKC through greater scale and breadth of capability to service its customers while providing management and employees with enhanced opportunities across the larger combined group. As such, the Board of PKC is unanimously recommending PKC shareholders vote in favor of the transaction”, says Matti Ruotsala, Chairman of the Board at PKC.

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May 24 2017 9:54 PM V8.2.6-1