Earlier today, Cobham plc announced that they have obtained acceptances for more than 90% of the issued share capital of Thrane & Thrane A/S as well as receipt of the merger authority approvals required to complete the acquisition. We refer to the separate announcement issued by Cobham earlier today.
Settlement is expected to be effected on June 22, 2012.
Background
On April 19, 2012, Cobham plc issued an offer document concerning a voluntary, recommended public tender offer to the shareholders of Thrane & Thrane A/S for the acquisition of all shares of Thrane & Thrane A/S for a cash consideration of DKK 420 per share. The offer also included warrants. See company announcement no. 20 of April 19, 2012.
Following discussions between Cobham and the Board of Thrane & Thrane, Cobham improved the cash offer price to DKK 435 per share as stated in the supplement to the offer document dated May 3, 2012. See company announcement no. 1 of May 3, 2012.
In its statement of May 3, 2012, the Board of Thrane & Thrane recommended the shareholders to accept the offer. See company announcement no. 2 of May 3, 2012.
Compulsory redemption and delisting
Cobham has announced its intention to proceed as soon as possible with compulsory redemption of minority shareholders of Thrane & Thrane A/S in accordance with the provisions of the Danish Companies Act and the offer document. It is also the intention to delist Thrane & Thrane from NASDAQ OMX Copenhagen A/S by the end of July 2012.
The Board of Thrane & Thrane has called an extraordinary general meeting to be held on Friday, 29 June 2012. See company announcement no. 6 of June 7, 2012.
For further information, please contact
Morten Eldrup-Jørgensen, Chairman
Tel. (+45) 26 18 77 80 (mobile)
John Alexandersen, Vice President, Corporate Communications & Investor Relations
tel. (+45) 39 55 88 35, mobile (+45) 22 72 38 22
About Thrane & Thrane
Thrane & Thrane is the world’s leading manufacturer of equipment and systems for global mobile satellite and radio communication. Since its incorporation in 1981, the company has achieved a leading position within global mobile satellite services based on the Inmarsat system. The company provides equipment for use everywhere – on land, at sea and in the air. The company's communication products are marketed worldwide under the brands Thrane & Thrane, EXPLORERTM, SAILOR® and AVIATOR through distributors and partners. The company’s shares are listed on NASDAQ OMX Copenhagen (THRAN).
