Friday, industrial company Danfoss A/S said that it has determined to delay the launch of its cash tender offer for all of the outstanding shares of common stock of Sauer-Danfoss Inc.(SHS), not already owned by Danfoss and its subsidiaries. Danfoss and its subsidiaries currently own approximately 75.7% of the outstanding shares of Sauer-Danfoss common stock.
Danfoss said that it is delaying the commencement of the offer as it is discussing certain matters with respect to the offer with the Special Committee of the Board of Directors of Sauer-Danfoss. The company anticipates to commence the offer during the week ending January 15, 2010.
On December 22, 2009, Denmark-based Danfoss disclosed its intention to commence the offer for all shares held by the public minority shareholders of Sauer-Danfoss at $10.10 per share in cash, without interest and less any required withholding tax. The stake of about 24.3% not owned by Danfoss and its subsidiaries would be valued at around $118.75 million at the $10.10 per share offer price. The company's sole interest is to acquire Sauer-Danfoss shares that it does not hold till date. Danfoss further said that it has no interest in a disposition of its controlling interest in Sauer-Danfoss or in any strategic transaction involving Sauer-Danfoss, other than the proposed offer.
The offer, if initiated, would be made directly to the shareholders of Sauer-Danfoss. The company said that if the offer is consummated it would cause Sauer-Danfoss to enter into a short-form merger as soon as practicable in which the shares not tendered in the offer would be converted into the right to receive cash in an amount equal to the per share price to be paid in the offer. The offer will not be subject to any financing condition.
SHS is currently trading at $11.94, up $0.10 or 0.84% on a volume of 0.17 million shares on the NYSE.
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