Linde Lowers Minimum Acceptance Rate for Praxair Deal
October 23 2017 - 6:04AM
Dow Jones News
By Sonia Amaral Rohter
Linde AG (LIN.XE) on Monday lowered the acceptance threshhold
for the tender offer for its proposed merger with Praxair Inc. (PX)
and extended the deadline.
Shareholders must now accept a tender offer for at least 60% of
the German industrial gases company's outstanding shares in
exchange for shares in Linde PLC, a holding company. As of Friday
afternoon, shareholders had tendered 50.85% of shares. Linde
lowered the acceptance threshold from 75% previously.
The company also extended the acceptance period to Nov. 7 from
Oct. 24.
Linde said the decision was made with the consent of both Linde
and Praxair and was designed to accommodate the fact that certain
shareholders, principally index funds, "usually do not tender their
shares before the respective index is adjusted to the tendered
share line in the context of the exchange offer."
Write to Sonia Amaral Rohter at
sonia.amaralrohter@dowjones.com
(END) Dow Jones Newswires
October 23, 2017 05:49 ET (09:49 GMT)
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