Melrose Plc (MRO.L) reported the final results of the tender offer by Mintford AG, an indirect wholly owned unit of Melrose, to acquire all outstanding ordinary shares and American Depositary Shares or "ADSs" of Elster Group SE (ELT) for $82.00 per ordinary share and $20.50 per ADS, in each case in cash, without interest and less any required withholding taxes.
The subsequent offering period for the tender offer expired at 5:00 pm, New York City time, on August 28, 2012. The tender agent for the tender offer has advised Melrose that, as of such time, about 99.62% of the total share capital of Elster, including 17.41 million ordinary shares of Elster and 42.80 million ADSs of Elster, has been validly tendered and not validly withdrawn during the initial offering period and the subsequent offering period, all of which bidder has accepted for payment.
In addition, Melrose expects the ADSs of Elster to be delisted from the New York Stock Exchange within the next few weeks. As announced earlier by Melrose at the end of the initial offering period, having purchased over 95% of the total share capital of Elster in the initial tender offer, Melrose plans to implement a "squeeze-out" of the remaining Elster shareholders. Such squeeze-out process would be subject to German law and is anticipated to take a number of months to complete once initiated.
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