Palfinger Group not to proceed with TTS takeover bid
As announced in the adhoc release from June 19th 2016, the PALFINGER Group lodged a takeover bid on July 18th 2016 for the shares in TTS Group ASA, which is listed on the Oslo Stock Exchange. One condition for closing the takeover bid by PALFINGER was the acceptance of more than 90% shares in TTS on a fully diluted basis, Palfinger said in its announcement.
The acceptance period for the offer expired at 16:30 today. PALFINGER did not receive the required acceptances of more than 90%; therefore, the PALFINGER Group will not takeover TTS on the basis of the placed takeover bid from July 18th 2016.
About Palfinger AG
For many years PALFINGER has been one of the world’s leading manufacturers of innovative lifting solutions for use on commercial vehicles and in the maritime field. As a multinational group headquartered in Bergheim near Salzburg, the Company, which has approx. 8,995 employees, generated total sales of approx. EUR 1,229.9 million in 2015.
The Group has production and assembly facilities in Europe, in North and South America, as well as in Asia. The pillars of corporate strategy comprise innovation and the further internationalization as well as the growing flexibility of products, services and processes. PALFINGER is regarded not only as the market leader, but also the technology leader, in the global market for hydraulic loader cranes. PALFINGER is always in proximity to its customers due to its over 5,000 sales and services centres located in over 130 countries across all continents.