Haldex’s board of directors now unanimously supports ZF’s, not Knorr-Bremse’s, bid and is urging its shareholders to accept the former’s offer, which values the CV braking systems specialist at SEK 4.85 billion.
ZF already controls more than 21% of Haldex’s share capital and the company now says antitrust clearance is expected by the end of this week, allowing for a rapid conclusion of the deal.
The shares acceptance threshold has also been reduced to 50% plus one share, while the acceptance period remains unchanged at 30 September 2016.
ZF says it has already received agreements to sell from major stakeholders, including Haldex chairman Göran Carlson and two leading Swedish institutional investors, representing more than 17% of Haldex’s share capital.
ZF says that the new combined organisation with Haldex offers “unique opportunities” for both companies, and pledges to invest in and expand Haldex’s product offering, “driving innovation for commercial vehicles in drivetrain and chassis, including brake and air suspension solutions”.
“Together with the management of Haldex, ZF will continue to develop and expand Haldex’s market position,” states ZF chief executive Dr Stefan Sommer. “The increased offer reflects this potential.”
And Haldex chairman Magnus Johansson says: “The increased offer from ZF provides the shareholders of Haldex with greater deal certainty than Knorr-Bremse’s offer and is likely to close significantly faster.”