In an announcement today, Airbus SAS and Airbus Denmark Holding ApS (”Airbus”) state that valid acceptance of the voluntary, recommended, public offer to the shareholders of Satair has been made for a total of 96.7% of the total share capital plus outstanding warrants. See the separate announcement on this topic issued by Airbus earlier today.
According to Airbus, all conditions for carrying out the Offer have then been met.
Background
On 2 August 2011, Airbus published an Offer Document containing a voluntary, recommended, public offer to the shareholders of Satair to buy their shares at a cash price of DKK 580 per share. The offer also applied to warrants. See Satair’s release no. 207 of 27 July 2011.
In a statement of 2 August 2011, the Board of Directors of Satair unanimously recommended the holders of shares and warrants to accept the offer. See Satair’s release no. 209 of 2 August 2011.
Statements from the Chairman and the CEO of Satair
"We are extremely pleased that an overwhelming majority of Satair’s shareholders has accepted the offer made by Airbus. We find the price to be fair and fully reflective of Satair’s values and assets. Airbus’ offer represents a return of 193% for the shareholders since 1 July 2010. The new owners will give Satair a stable and favourable position in the global aerospace industry,” says N.E. Nielsen, Chairman of Satair’s Board of Directors.
John Stær, Satair’s CEO, explains: ”We are happy about the outcome and look forward to cooperating with Airbus. Together we will be able to accelerate the growth already generated by Satair and speed up the introduction of new product lines and service areas. I am convinced that a good and exciting future lies ahead for both Management and employees.”
Compulsory redemption and delisting
Airbus has announced that as soon as possible, and in accordance with the relevant provisions of the Danish Companies Act and the Offer Document, it will initiate the compulsory redemption of the remaining shareholders in Satair.
The following step will be to delist Satair from NASDAQ OMX Copenhagen A/S.
Settlement
The implementation and settlement of the Offer to Buy is scheduled for 4 October 2011.
Forward-looking statements
The above forward-looking statements, in particular those that relate to future sales and operating profit, are subject to risks and uncertainties as various factors, many of which are outside Satair’s control, may cause the actual development to differ materially from the expectations stated in the release. Factors that might affect such expectations include, among others, major changes in the market environment, the product portfolio, the customer portfolio, exchange rates, company acquisitions or divestments.
For further information please contact
Board Chairman N.E. Nielsen, nen@lett.dk, +45 4243 3343
CEO John Stær, jst@satair.com, +45 4015 9286
