Haldex and the public cash offer by SAF-Holland
A few days ago SAF-Holland announced a public cash offer to Haldex’s shareholders to transfer their shares in Haldex to SAF-Holland.
A few days ago SAF-Holland announced a public cash offer to Haldex’s shareholders to transfer their shares in Haldex to SAF-Holland. The acceptance period of the offer is expected to commence around 4 July 2022 and expire around 16 August 2022, subject to any extensions.
Completion of the offer is conditional upon, among other things, SAF-Holland becoming the owner of more than 90 percent of the total number of shares in Haldex. SAF-Holland has acquired 14.1 percent of the outstanding shares in Haldex of which 9.2 percent of the outstanding shares have been acquired from Knorr-Bremse.
Athanase Industrial Partners (2,690,292 shares, 5.5 per cent of the outstanding shares), Fjärde AP-fonden (3,105,224 shares, 6.4 per cent of the outstanding shares), Afa Försäkring (3,281,834 shares, 6.7 per cent of the outstanding shares), and Nordea Asset Management (1,856,493 shares, 3.8 per cent of the outstanding shares), have undertaken to accept the offer, subject to certain conditions.
The Board’s evaluation of the offer
In assessing the merits of the offer, the Board has taken a number of factors into account, including the Company’s current financial position, prevailing market conditions and challenges in the markets where the Company operates, the Company’s growth prospects as well as risks and challenges related thereto.
In 2021 Haldex announced a renewed strategy for 2025. In connection with the renewed strategy, the Board decided to update the financial growth target to organically grow faster than the company’s end markets. The Board is of the opinion that Haldex, being an independent partner in the value chain and in the forefront of new technology, is well underway to positioning itself for future profitable growth.
The Board has also taken into consideration that a combination between SAF-Holland and Haldex, being two companies of equal strengths, has a compelling strategic rationale and will create value for their customers and employees. The combined activities, which is highly complementary from a regional presence and product portfolio perspective, will establish a strong global player in the commercial vehicle industry. A combination of two strong brands and capabilities will enable Haldex to strengthen its business.
“SAF-Holland highly values the strength of the Haldex brand and competence of the Haldex management and employees, and intends to continue to safeguard the excellent relationship that Haldex has to its employees. It is the current intention of SAF to retain the operations of Haldex intact, without significant changes to the company’s employees and management or to the existing organization and operations.”
