- Completion of the Offer not possible within the current acceptance period
- Knorr-Bremse to assess whether possible to continue merger clearance process
On 7 September 2017, the Swedish Securities Council (“SSC“) announced its decision in its statement AMN 2017:27 that any further extension of Knorr-Bremse’s (“Knorr-Bremse“) Offer to the shareholders of Haldex AB (publ) (“Haldex“) is not permitted. Therefore, the Offer will lapse at the expiry of the acceptance period on 26 September 2017.
Knorr-Bremse is currently assessing the prerequisites for a continued merger clearance process in the light of the SSC’s statement that it is prepared to allow Knorr-Bremse to make a new Offer within three weeks of a positive decision of the competition authorities.
Klaus Deller, Chairman of the Executive Board of Knorr-Bremse AG, said: “The SSC’s decision not to extend the tender period is difficult to understand as shareholders have explicitly expressed their ongoing support for our Offer. We will, however, respect the ruling, analyse the reasoning behind the SSC decision and carefully assess all options to safeguard the interests of all stakeholders and of our company. We will thoroughly evaluate whether we can continue the process given that the Haldex Board has repeatedly stated that it will not execute the decision of the general meeting and not cooperate in the merger clearance process.”