Danfoss A/S announced fridaythat its tender offer to acquire all the issued and outstanding shares of Sauer-Danfoss Inc. (SHS) not already owned by Danfoss for $58.50 per share in cash was successful.
The tender offer expired at 12:00 midnight, New York City time, on Thursday, April 11, 2013. The depositary for the tender offer has advised that, as of such time, a total of 9.86 million shares were validly tendered and not withdrawn in the offer (including 596,877 shares tendered by notice of guaranteed delivery), representing approximately 83.4% of Sauer-Danfoss' currently outstanding shares not already owned by Danfoss. Danfoss said it has accepted for payment all validly tendered shares.
On 15th March, Danfoss A/S announced that its wholly owned subsidiary, Danfoss Acquisition, Inc., commenced its tender offer for all the shares of Sauer-Danfoss not already owned by Danfoss for $58.50 per share in cash.
On March 1 2013, Danfoss A/S and Sauer-Danfoss announced a definitive merger agreement for Danfoss to acquire the 24.4% of Sauer-Danfoss common shares not already owned by Danfoss and its affiliates for $58.50 per share in cash.
The $58.50 per share price represented a 48.6% premium to the closing price of Sauer-Danfoss shares on November 27, 2012, the day prior to the announcement of the Danfoss proposal, a 19.4% increase from the $49.00 per share proposal made by Danfoss on November 28, 2012.
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