TE Connectivity to Launch Public Tender for Schaffner Shares
August 17 2023 - 4:20AM
Dow Jones News
By Pierre Bertrand
TE Connectivity said on Thursday that it has reached a
definitive agreement with Schaffner Holding for the launch of a
public tender offer for all of Schaffner's publicly held registered
shares.
The pre-announced all cash offer of 505 Swiss francs ($573.86)
per share represents a 79% premium over Schaffner's closing share
price on August 16 and a nearly 75% premium to the volume-weighted
average price of the last 60 trading days, TE Connectivity, a
Swizterland-based manufacturer of connectivity and sensor
solutions, said.
TE Connectivity said that Schaffner's board of directors has
unanimously approved the offer and that the Swiss electrical
component maker's largest shareholder backs the deal.
Buru Holding, which owns an around 17.2% stake in Schaffner, is
undertaking to tender all of its shares in Schaffner into the
offer, TE Connectivity said.
The deal will add Schaffner's electromagnetic compatibility
filter products to TE Connectivity's portfolio, the company
said.
The deal is expected to be settled in December 2023 and is
subject to regulatory approvals, TE Connectivity said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
August 17, 2023 04:05 ET (08:05 GMT)
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