SAF-Holland tables unsolicited $491-mn bid for Swedish brake systems group Haldex
15 July 2016
Commercial vehicle components maker SAF-Holland has tabled an unsolicited all-cash 4.2 billion crowns ($491 million bid for Swedish brake systems group Haldex.
Haldex, a supplier to SAF-Holland, said that it has received a credible non-binding takeover offer from another third party, and will evaluate SAF-Holland's offer and announce its opinion in two weeks, prior to the expiry of the acceptance period.
SAF-Holland, which recently acquired a 3.6-per cent stake in Haldex, is offering to pay 94.42 crown per share offer, a 10.8 per cent premium to Haldex Wednesday closing price.
Haldex shares were up 17 per cent at 100 crowns yesterday GMT, trading above SAF-Holland's offer price, which indicates that shareholders expect a higher bid.
SAF-Holland said that the offer is not subject to any financing condition and plans to fund part of the acquisition through capital increase.
SAF-Holland said that the proposed acquisition will create a new integrated champion for chassis-related components for commercial vehicles, and the merger will benefit from a complementary product portfolio and an outstanding position in the spare parts business.
Luxembourg-based SAF-Holland is the largest independent listed supplier to the commercial vehicle market in Europe.
With sales of around 1,060 million in 2015 and more than 3,100 employees, SAF-Holland is one of the world's leading manufacturers and suppliers of chassis-related systems and components primarily for trailers, trucks, buses, and recreational vehicles.