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:Schaeffler AG will launch a tender offer to all shareholders of Vitesco Technologies, the German EV components maker said on Monday.
The company – controlled by Germany’s billionaire Schaeffer family – is offering to acquire all no-par value registered shares for 91 euros ($96.02) per share – 21 per cent more than Friday’s closing price.
Schaeffler AG said in a statement that the offer will not be subject to a minimum acceptance rate.
“With the business combination, a leading motion technology company with four focused divisions and revenues of approximately 25 billion euros will be created,” the company said.
Regensburg-based Vitesco, which was spun off from Continental two years ago, is valued at 3.64 billion euros. Schaeffler family holding companies already own about 49.9 per cent of Vitesco.
As part of the takeover, Schaeffler AG also wants to simplify its shareholder structure. The listed preference shares are to be converted into ordinary shares, and the remaining shareholders will thus be placed on an equal footing with the family holding the ordinary shares.
($1 = 0.9477 euros)
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