Danfoss A/S and Danfoss Acquisition, Inc. announce increase in Tender Offer price for Sauer-Danfoss to $14.00 per share and extension of offer , Danfoss
Release Date: 2010-04-10
Danfoss A/S (“Danfoss”) and Danfoss Acquisition, Inc. (the “Purchaser”) today announced an increase in the purchase price to be paid in its cash tender offer (the “Offer”) to acquire all of the outstanding shares of common stock of Sauer-Danfoss Inc. (“Sauer-Danfoss”) (NYSE:SHS) not already owned by Danfoss or its subsidiaries to $14.00 per share. Parent and the Purchaser are extending the Offer to midnight, New York City time on April 22, 2010 (which is the end of the day on April 22, 2010). All other terms and conditions of the tender offer remain unchanged.Danfoss and the Purchaser confirm that the increased offer price is their best and final offer price.
The best and final offer price of $14.00 per share presents a premium of 5.7% over the previous offer price of $13.25 per share, 65.9% over the closing price of the shares on December 18, 2009 (the last trading day prior to notifying Sauer-Danfoss of their intention to make the tender offer), 67.3% over the average closing price during the three months prior to such notification and 3.7% over the closing price of $13.50 on Thursday, April 8, 2010]. Danfoss and its subsidiaries currently own approximately 75.7% of the common stock of Sauer-Danfoss. The approximately 24.3% of the common stock of Sauer-Danfoss not owned by Danfoss and its subsidiaries would be valued at approximately $164.6 million at the $14.00 per share offer price.
The depositary for the Offer has informed Danfoss and the Purchaser that, as of 5:00 p.m. on Thursday, April 8, 2010, approximately 3,862,368 shares have been tendered and not withdrawn (including 71,019 shares tendered pursuant to a notice of guaranteed delivery).
| Type: | NORMAL |
| Company: | Danfoss |
| Country: | Denmark |