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SMS offers takeover to elexia AG shareholders
Jun 16, 2011
SMS GmbH is offering elexis shareholders EUR 19.00 per share in cash. The offer price represents a premium of approximately 35 percent over the weighted average share price of the last three months (EUR 14.05).
On May 31, 2011, SMS GmbH and elexis AG signed an agreement in which the essential points for implementing the transaction, as well as future cooperation, were agreed upon. In particular, the organizational integration of elexis AG into the SMS group as an independent subsidiary of SMS GmbH is specified in the agreement. In addition, the agreement contains assurances by SMS GmbH to maintain the company’s locations, jobs and current working conditions, as well as the sales organization.
Elexis AG welcomes the investment of the SMS group and sees it as a dependable partner for further development.
Dr. Heinrich Weiss, Chairman of the Board of SMS GmbH said, "Our takeover bid offers advantages for all: each elexis shareholder will receive a high cash premium if the shares are tendered to us during the acceptance period. The expanded expertise in the field of measurement and regulation technology and quality-assurance systems will be advantageous for the customers of elexis."
The acquisition will be financed in cash from the resources of the SMS group and is an element of the recently announced strategy to accelerate the growth of the group through acquisitions.
In addition, make sure to read these articles:
SMS Siemag takes over Metix (Pty) Ltd., South Africa
SMS offers takeover to elexia AG shareholders
SMS group, Germany, waiting for major orders
German plantbuilder changes name
SMS group boosts order intake, sales and profit
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