© michal kowalski Electronics Production | September 16, 2016

Knorr-Bremse ups its offer for Haldex – still in the fight

Knorr-Bremse AG has desided to increase its all-cash offer to the shareholders of Swedish Haldex AB and to reduce the minimum acceptance level condition in the offer.
In short, the offer consideration is increased from SEK 110.00 (EUR 11.53) to SEK 125.00 (EUR 13.10) in cash per share which values Haldex at SEK 5,52 billion (EUR 578.84 million).

The minimum acceptance level condition of the offer has also been reduced so that it is conditional upon being accepted to such extent that Knorr- Bremse becomes the owner of more than 50% of the shares in Haldex.

"Our perspectives remain unchanged: We are fully committed to the combination of Haldex and Knorr-Bremse which is not only underlined by the increased stake we hold in Haldex, but also by the increased offer for Haldex shareholders. We would not have made this offer if we were not confident about it." said Klaus Deller, Chairman of the Executive Board of Knorr-Bremse. "Haldex and Knorr-Bremse are businesses from the same breed, sharing a deep-rooted tradition in the commercial vehicle industry with innovation at their heart. We are aware that the current situation might lead to questions amongst Haldex employees and other stakeholders. We have changed this offer to give comfort to the shareholders for deal completion. We emphasize that we are fully convinced to successfully complete the transaction.”


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