Knorr-Bremse raised its offer from SEK 110.00 to SEK 125.00 in cash per share, valuing Haldex at SEK 5,526,996,250. The ZF raised its game from SEK 110 to SEK 120.
Despite ZF’s lower bid, Haldex’s board is this morning (Monday 19 September 2016) unanimously recommending that its shareholders accept the increased offer by ZF and reject the increased offer from Knorr-Bremse.
Moves on Haldex went public on 4 August 2016, with ZF announcing its initial public cash offer to Haldex’s shareholders of SEK 100.00 per Haldex-share.
On 14 September, ZF announced an increase to SEK 110.00 per Haldex share in response to a counter bid from Knorr-Bremse.
On 16 September, ZF announced the latest increase to SEK 120.00.
ZF currently controls 21.24% of Haldex’s total share capital and all regulatory conditions for a takeover have now been met, allowing what ZF describes as a quick completion and avoids uncertainty for Haldex and its stakeholders.
The acceptance threshold remains at 50% of Haldex shares plus one and the acceptance period has been extended to 3 October 2016.
“We have carefully analysed the situation and decided to increase our offer to SEK 120 per share,” comments Dr Stefan Sommer, chief executive officer of ZF.
“Haldex and ZF are a perfect strategic, commercial and technological fit,” he adds.
For Knorr-Bremse, chairman Klaus Deller states: “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.
“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.”
Deller says that Knorr-Bremse is aware that the current situation might lead to questions among Haldex employees and other stakeholdersm but insists that Knorr-Bremse is “fully convinced to successfully complete the transaction”.