PALFINGER Adhoc - Minimum threshold for takeover bid Norwegian TTS Group ASA not reached
12.08.2016
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.
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.
PALFINGER is an international technology and mechanical engineering company and the world’s leading producer and provider of innovative crane and lifting solutions. With around 12,350 employees (not including contract workers), 30 manufacturing sites and a worldwide, comprehensive sales and service network, PALFINGER meets the challenges of its customers and creates added value. PALFINGER consistently continues on its path as a provider of innovative, smart complete solutions that deliver increased efficiency and better usability, while leveraging the potential of digitalization along the entire production and value chain.
PALFINGER AG has been listed on the Vienna stock exchange since 1999, and in 2024 achieved revenue of EUR 2.36 billion.
For further information please contact:
Hannes Roither | Group Spokesperson | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com
Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.