Palfinger Marine GmbH has decided not to complete the acquisition of TTS Group ASA
Palfinger Marine GmbH has decided not to complete the planned acquisition of TTS Group, TTS Group ASA said in its press release.
One of the closing conditions of the acquisition was that Palfinger Marine GmbH had to get acceptances for at least 90 per cent of the TTS shares on a fully diluted basis. At the expiry of the acceptance period at 16:30 on 12th August 2016 this condition was not fulfilled.
Shareholders that have accepted the offer are released from their acceptances, and the same applies to bondholders that have entered into separate undertakings towards Palfinger.
- We are surprised that the transaction will not be completed. We will now fully concentrate our energy on execute executing our stand-alone strategy. Short term focus will be on operational efficiency, says Toril Eidesvik, CEO of TTS Group.
Being one of the top three suppliers worldwide in its specialized market segments – with a particularly strong foothold in a Chinese market that accounts for 40 per cent of global shipbuilding – TTS is well positioned for future growth. The company will continue to pursue with full strength its market strategy to provide complete package solutions for main players within the industry.
- This means that the strategic process which was announced 12th February 2015 has come to an end. In the coming months, we will focus on refining our strategy and action plans for 2017 and beyond. Our fully committed TTS colleagues possess unique competence and knowledge and I am sure that they will do their very best to fulfill TTS Group’s potential. The world economy indicates some rough seas ahead, which makes it even more important than ever to focus on good work processes and efficient value chains, says Eidesvik.