ZF Friedrichshafen AG has announced that it has now withdrawn its public cash offer to the shareholders of Haldex Aktiebolag, a manufacturer of brake components for commercial vehicles headquartered in Landskrona, Sweden. The increased offer of SEK 120 in cash per Haldex share had been made public on 16 September 2016 and had been recommended by the Haldex Board of Directors.
The offer from ZF was conditional upon being accepted by Haldex’s shareholders to such an extent that ZF would become the owner of shares representing more than 50% of the company. The acceptance period for the offer ended on October 3, 2016, and had only been accepted by shareholders representing 9.59% of the total share capital.
ZF stated that it recognises the decision of Haldex shareholders not to accept the recommended offer and remains committed to the success of the company. With total shareholdings in Haldex of 21.67%, ZF is now the largest shareholder in Haldex.
“We look forward to constructive talks with the other shareholders of Haldex over the future development of the company,” stated Dr Stefan Sommer, CEO of ZF. “We will stay true to our Strategy 2025. To meet future megatrends of the industry, we will continue to invest in and expand ZF’s diverse product portfolio. However, we do not depend on any single acquisition to achieve those aims.”
An increased counter offer for Haldex was submitted by Knorr-Bremse, offering shareholders SEK 125 in cash per share, although this deal had not been recommended by the Haldex Board of Directors. Haldex is listed on Nasdaq Stockholm and has sales of approximately SEK 4.8 billion.