Methode Announces Preliminary Results of Tender Offer for Shares of Nordic Lights Group Corporation
CHICAGO, April 17, 2023 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, announced that, following the launch of its public tender offer for all the outstanding shares of Nordic Lights Group Corporation on March 15, 2023 (as previously announced on February 28, 2023), the offer period has expired as of April 14, 2023, and the preliminary results of the offer are:
16,873,355 shares were validly tendered;
representing approximately 80.5 percent of the share capital of Nordic Lights.
Under the terms and conditions of the offer, one of the conditions to closing is that acceptances are received in respect of more than 90 percent of the shares in Nordic Lights and such condition may be waived at the discretion of Methode.
Based on the preliminary results, Methode has decided to waive this acceptance condition provided the final results of the offer (expected to be announced on April 19, 2023) confirm that it has been validly accepted in respect of more than 80 percent of the shares in Nordic Lights. If this is the case, and all other conditions to closing remain satisfied (or, if applicable, waived), Methode expects to settle the consideration due to tendering shareholders and close the offer on April 20, 2023.
Nordic Lights is a premium provider of high-quality lighting solutions for heavy-duty equipment that focuses on five end-user segments: mining, construction, forestry, agriculture and material handling. They manufacture lights for three main application areas: work lights, driving lights and signal lights.
Moelis & Company LLC are acting as exclusive financial advisor to Methode. Wachtell, Lipton, Rosen & Katz, together with Hannes Snellman Attorneys Ltd serves as Methode’s outside legal co-counsel. Hill+Knowlton Strategies serves as Methode’s communications advisor.
About Methode Electronics, Inc.
Methode Electronics, Inc. (NYSE: MEI) is a leading global supplier of custom-engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer, and produce mechatronic products for OEMs utilizing our broad range of technologies for user interface, LED lighting system, power distribution and sensor applications.
Our solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing infrastructure, construction equipment, consumer appliance, and medical devices. Our business is managed on a segment basis, with those segments being Automotive, Industrial, Interface and Medical.
Forward-Looking Statements
This announcement contains statements that, to the extent they are not historical facts, constitute “forward-looking statements”. Forward-looking statements include statements concerning plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, business strategy and the trends in the industries and the political and legal environment and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms believes”, “intends”, “may”, “will” or “should” or, in each case, their negative or variations on comparable terminology. By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this release.
For Methode Electronics, Inc.
Robert K. Cherry
Vice President Investor Relations
rcherry@methode.com
708-457-4030
