Sandvik To Initiate Compulsory Acquisition of Seco Tools
February 01 2012 - 3:10AM
Dow Jones News
Swedish engineering company Sandvik AB (SAND.SK) said Wednesday
it now holds about 99.4% of the shares and 99.8% of the votes in
Seco Tools AB (SECO-B.SK), and has therefore initiated a compulsory
acquisition procedure and applied for the delisting of Seco Tool's
class B shares from the NASDAQ OMX Stockholm exchange.
MAIN FACTS:
-On Nov. 7, 2011, Sandvik announced a recommended public offer
to the minority shareholders of Seco Tools to acquire all remaining
shares in Seco Tools.
-The acceptance period was extended on Jan. 16 to Jan. 26.
-During the extended acceptance period, Sandvik's offer for Seco
Tools was accepted by shareholders representing 56,748,957 class B
shares in Seco Tools, corresponding to 39.0% of the shares and
10.6% of the votes.
-Sandvik's board has resolved to issue 1,208,774 new Sandvik
shares as consideration for Seco Tools shares tendered during the
extended acceptance period. Settlement for these shares is expected
to commence on or around Feb. 9.
-Payment for the subscribed shares during the extended period
will be made by contribution of class B shares in Seco Tools.
-The value is estimated to correspond to a subscription price
equal to Sandvik's Jan. 31 closing price of SEK100.50 on the NASDAQ
OMX Stockholm exchange.
-In total, Sandvik (including subsidiaries) now holds 99.4% of
the shares and 99.8% of the votes in Seco Tools.
-An Extraordinary General Meeting in Seco Tools will be held on
Feb. 17 for the purposes of electing a new Board of Directors.
-By Anna Molin, Dow Jones Newswires; +46 8 545 131 03;
anna.molin@dowjones.com
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