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ZF announces recommended cash offer for Haldex
Friedrichshafen / Stockholm– 04 August 2016:ZF has announced today a public offer for Haldex Aktiebolag (publ) (“Haldex”), a supplier of brake products and air suspension systems for commercial vehicles, listed on NASDAQ Stockholm. ZF will offer SEK 100.00 per Haldex share in cash, valuing Haldex at SEK 4.4 billion. ZF has obtained an undertaking to accept the offer from G?ran Carlson, the Chairman of the Board of Directors of Haldex, being the largest shareholder of Haldex representing 5.7 percent of the total number of shares and votes in Haldex. The offer has been unanimously recommended by Haldex’s Board of Directors.
A business combination of Haldex and ZF represents an outstanding opportunity for both companies to jointly expand their value to the customer in the supply for commercial vehicles in the field of drivetrain and chassis, including brake and air suspension solutions as well as for future megatrends in mobility as outlined in ZF’s Strategy 2025.
With Haldex’s brake systems for commercial vehicles, ZF would be able to cover the whole functional chain of commercial vehicles in line with "See-Think-Act" (the aim of ZF’s technology is to enable vehicles to see, think, and act autonomously) and transfer fuel efficiency, autonomous driving and safety systems technologies known from passenger cars to commercial vehicles. This will result in more safety for all traffic participants.
Dr. Stefan Sommer, ChiefExecutiveOfficer of ZF, said: “We believe that our businesses are truly complementary and that a combination will offer unique value for all stakeholders. We are confident that we will be able to continue to develop Haldex’s market position under ZF ownership, thanks to ZF’s technological leadership, global reach and customer access, combined with Haldex’s technological competence, management skills and employees.”
Magnus Johansson, Board member and spokesperson of the Board of Haldex, said:“ZF’s strong capabilities within electronics and software development as well as global reach and customer access offer an excellent opportunity to further develop Haldex, thereby allowing Haldex to continue its development of future braking systems and expansion of its current product portfolio.”
“The offer provides Haldex shareholders with an opportunity to realise value from their investment immediately at both high multiples and significant premium to recently traded prices of Haldex’s shares as well as a premium to the SAF-Holland offer,” Magnus Johansson added.
The offer is conditional, among other things, upon being accepted by Haldex's shareholders to an extent that ZF becomes the owner of more than 90 percent of the outstanding shares in Haldex. The announced transaction is further subject to approval from competition authorities. ZF will file the transaction with relevant authorities shortly.
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