Takeover of world's 2nd. largest wind gearbox manufacturer at 96% premium to friday close
ZF Friedrichshafen offers £0.66p per Hansen Transmission (the world largest wind-gearbox manufacturer). ZF, a major automobile gear box supplier which recently entered the wind gear box business, has come to agreements with two of Hansen's largest shareholders, Suzlon and Ecofin to acquire their shares which total 38.4% of Hansen’s share capital. The deal which values Hansen at £444.8m represents a significant premium to Friday’s closing price of £0.34. The takeover price equates to 8.1x, 2011 multiple:
“The Offer will be 66 pence in cash for each share of the Company and values the entire issued and to be issued share capital of the Company, including outstanding rights under the Company’s warrant plans, at approximately £ 444.8 million. The prices offered for the various rights under the Company’s warrant plans are detailed in Section 11 of the 2.5 Announcement (defined below).
The Bidder hereby further announces its intention to make a public squeeze-out offer in accordance with article 42 et. seq. of the aforementioned Royal Decree and article 513 of the Belgian Companies Code, provided that the conditions for launching such a public squeeze-out offer and such other conditions as set out in the 2.5 Announcement (defined below) have been satisfied.
For the sake of completeness, the Bidder hereby gives notice that on 25 July 2011 it made an announcement in relation to the Offer in accordance with Rule 2.5 of the UK City Code on Takeovers and Mergers ("the 2.5 Announcement"). The 2.5 Announcement, which contains the conditions and principal terms of the Offer, including the price offered for the shares issued by the Company and the outstanding rights under the Company’s warrant plans (please refer in this regard to Sections 2 and 11 of the 2.5 Announcement), is available on the Regulatory News Service on the website of the London Stock Exchange http://www.londonstockexchange.com), on which the shares of the Company are listed, and will be available on the websites of the Company (http://www.hansentransmissions.com) and the Bidder (http://www.zf.com).”