On 5 September 2016, Knorr-Bremse AG (“Knorr-Bremse”) announced a public Offer to the shareholders of Haldex AB (publ) (“Haldex”) to tender all shares in Haldex to Knorr-Bremse (the “Offer”). On 7 December 2016 Knorr-Bremse extended the acceptance period in the Offer to 28 February 2017.
The completion of the Offer is conditional upon, inter alia, that all necessary clearances from the authorities are obtained.
On the basis of its information exchange with Haldex and the dialog with competition authorities Knorr-Bremse makes the assessment that it will require more time to complete the merger clearance process. The acceptance period is therefore extended until 16 June 2017. Knorr-Bremse remains fully committed to the transaction as it is based on a compelling strategic rationale. Knorr-Bremse continues the merger clearance process with full dedication and is confident that it can obtain clearance. Information on the further progress will be provided by Knorr-Bremse.
Klaus Deller, Chairman of the Executive Board of Knorr-Bremse, said: “Our commitment to the combination of Haldex and Knorr-Bremse remains unchanged. The commercial vehicle sector is rapidly changing towards automated driving. By combining the expertise of Haldex and Knorr-Bremse we can become a driving force and unlock additional growth. I am convinced that it is not a question if we receive clearance, but how. Based on our preparations and the regular dialog with authorities we further proceed with the process and aim to successfully complete it in due time.”
The settlement will be initiated as soon as Knorr-Bremse announces that the conditions for the Offer have been fulfilled or Knorr-Bremse otherwise decides to complete the Offer. If such an announcement takes place on 21 June 2017, at the latest, settlement is expected to be initiated around 28 June 2017.
