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Business |
Safran and Zodiac amend Terms & Conditions
Safran and Zodiac Aerospace have withdrawn the previously agreed transaction structure (from January 19, 2017) and have - instead - entered into a Business Combination Agreement.
As a run-up, Safran requested the suspension of trading its shares on May 24, 2017.
Under the terms of the new agreement:
- The contemplated transaction structure consists of a Tender Offer by Safran for Zodiac Aerospace's shares
- The Tender Offer would not be open to the public in the United States of America or any jurisdiction other than France where action to permit the offer is required.
- The completion of the Tender Offer would be subject to reaching (i) the mandatory overall acceptance threshold of 50% of Zodiac Aerospace's share capital or voting rights, and (ii) a voluntary overall acceptance threshold of two-thirds of the exercisable voting rights of Zodiac Aerospace.
- Following completion of the Tender Offer, Safran intends to provide that Zodiac Aerospace would distribute no dividend and reserves its rights to consider the possibility of a squeeze-out or a merger.
