On 19 April 2012, Cobham announced a voluntary public offer concerning the shares of Thrane & Thrane A/S. As announced earlier today, Cobham PLC (through Lockman Electronic Holdings Ltd.) and Thrane & Thrane A/S have reached an agreement on the terms of an increased offer.
The offer price is increased from DKK 420 to DKK 435 in cash per share of DKK 20. At the same time, the board of directors of Thrane & Thrane has declared that it will recommend to the shareholders that they accept Cobham's increased offer.
In compliance with Section 14 of the Danish Take Over Order, the board of directors of Thrane & Thrane must prepare a statement in respect of the offer. The statement is hereby released.
The board of directors' statement to the shareholders included the following conclusion:
On the basis of the above and Cobham’s declared intentions with a view to the future development of Thrane & Thrane, and the fairness opinion provided, the Board has unanimously, with the exception of Lars Thrane, decided to recommend the Shareholders to accept the Offer.
Due to his significant shareholding in the Company and the potential conflict of interest associated herewith, Lars Thrane has not participated in the preparation of this statement and the Board’s recommendation. Lars Thrane has entered into an irrevocable undertaking with the offeror to tender his shares to the offeror at the offer price per share.
Earlier today, Cobham (Lockman Electronic Holdings Ltd.) published a supplement to its offer document dated 19 April 2012. The offer will remain open until 21 May 2012.
Reference is made to Cobham's announcements dated 12 March, 5 April, 10 April, 19 April and 3 May 2012 and to company announcements from Thrane & Thrane dated 27 February, 12 March, 26 March, 5 April, 10 April, 19 April and 3 May 2012.
Appendix: Statement by the Board of Directors of Thrane & Thrane A/S concerning the voluntary public offer submitted on 19 April (and amended on 3 May 2012) by Lockman Electronic Holdings Ltd., a 100% owned subsidiary of Cobham PLC.
Contact
Morten Eldrup-Jørgensen, Chairman
Tel. (+45) 26 18 77 80 (mobile)
