Melrose Plc (MRO.L) Thursday announced that its wholly-owned subsidiary unit, Mintford AG, has accepted for payment approximately 99.55% of all the outstanding ordinary shares and American Depository Shares of Elster Group SE that have been validly tendered and not validly withdrawn pursuant to the tender offer.
The company stated that the initial tender offer had expired at 12:00 midnight, New York City time, on August 22, 2012.
Melrose further stated that Mintford AG had provided a subsequent offering period for 4 business days scheduled to expire at 5:00 p.m., New York City time, on August 28, 2012, to permit Elster shareholders who have not yet tendered their ordinary shares or ADSs prior to the expiration of the initial tender offer a final opportunity to do so.
Having acquired over 95% of the total share capital of Elster in the initial tender offer, following the subsequent offering period, Melrose intends to implement a "squeeze-out" of the remaining Elster shareholders.
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