Infestos launches all-cash offer for Neways shares

Infestos and Neways believe that the transaction is in the best interest of Neways and the Neways Group, the continued and sustainable success and long-term value of its business, taking into account the interest of all its stakeholders. Infestos becoming the majority shareholder of Neways will "provide strategic and other benefits to Neways and the Neways Group and its business", a press release states. It is not currently planned to break up the Neways Group or its business units, unless proposed by the Management Board and Infestos does not intend to pursue any divestments of business units. Neways will remain a separate legal entity and will not be integrated or combined with portfolio companies of Infestos. Neways' headquarters, central management and its key support functions will remain at its current headquarters at Science Park Eindhoven in Son, the Netherlands. The existing rights and benefits of Neways Group’s employees shall be respected by Infestos, including existing rights and benefits under their individual employment agreements, social plans, and including existing rights and benefits under existing covenants made to the works councils, the press release continues. There will be no material reorganisations or restructuring plans resulting in material redundancies with respect to Neways’ employees as a direct consequence of the offer.