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Palfinger terminates TTS takeover bid
Palfinger Marine GmbH is not proceeding with its offer to buy shares in TTS Group ASA
The deal has been terminated because Palfinger Marine had not received acceptances for more than 90% of the shares in TTS on a fully diluted basis by the offer deadline of 12.30h CET on 12th August. The offer valued TTS Group at NOK5.60 per share
Shareholders in TTS who accepted the offer are released from their acceptances, and bondholders under TTS's existing bond loan, having entered into separate undertakings towards Palfinger, are released from their undertakings.
Norne Securities AS and InFima AS are acting as financial advisors to Palfinger Marine GmbH in connection with the Offer. Advokatfirmaet Selmer DA is acting as legal advisor to Palfinger Marine GmbH in connection with the Offer.
"We are surprised that the transaction will not be completed," said Toril Eidesvik, CEO of TTS Group. "We will now fully concentrate our energy on executing our stand-alone strategy. Our short term focus will be on operational efficiency.
"Being one of the top three suppliers worldwide in its specialised market segments – with a particularly strong foothold in the Chinese market that accounts for 40% of global shipbuilding – TTS is well positioned for future growth. The company will continue to pursue with full strength its market strategy to provide complete package solutions for main players within the industry."
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