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    ALFA   SE0000695876

ALFA LAVAL AB

(ALFA)
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Alfa Laval Lowers Acceptance Level of Neles Bid, Extends Acceptance Period

10/15/2020 | 02:33am EDT

By Dominic Chopping

STOCKHOLM--Alfa Laval AB said Thursday that it has lowered the acceptance level of its bid for Neles Oyj and extended the acceptance period.

Alfa Laval launched a 1.73 billion-euro ($2.03 billion) takeover bid for Neles in July and had set the acceptance period to expire on Oct. 22 with an acceptance level of more than two thirds. However, it has now extended the offer period to expire on Oct. 30, with an acceptance level of more than 50%.

Alfa Laval and Valmet Corp. have been vying for control of Neles over the last couple of months. Valmet has gradually increased its ownership in Neles to 29.5% and recently moved to try and scupper Alfa Laval's deal by sending Neles an unsolicited letter proposing a merger, but didn't disclose terms.

The Neles board has recommended shareholders accept Alfa Laval's bid, saying recently that it failed to get details of Valmet's counter proposal.

"If the tender offer is completed, Alfa Laval would assess alternatives to acquire the remaining shares in Neles over time," Alfa Laval said in a statement.

"However, no decisions concerning such transactions have been taken."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

10-15-20 0232ET

Stocks mentioned in the article
ChangeLast1st jan.
ALFA LAVAL AB 1.61% 302.7 Delayed Quote.31.64%
NELES OYJ 0.58% 12.19 Delayed Quote.11.65%
VALMET OYJ 1.05% 36.55 Delayed Quote.54.84%
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Financials
Sales 2021 40 371 M 4 773 M 4 773 M
Net income 2021 4 524 M 535 M 535 M
Net Debt 2021 4 816 M 569 M 569 M
P/E ratio 2021 27,5x
Yield 2021 1,95%
Capitalization 125 B 14 698 M 14 738 M
EV / Sales 2021 3,21x
EV / Sales 2022 2,93x
Nbr of Employees 16 994
Free-Float 70,9%
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Technical analysis trends ALFA LAVAL AB
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 297,90 SEK
Average target price 292,71 SEK
Spread / Average Target -1,74%
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Managers and Directors
NameTitle
Tom Erixon President & Chief Executive Officer
Jan Allde Chief Financial Officer
Dennis J÷nsson Chairman
Mikael Tyden President-Operations Division
Henrik Nielsen Independent Director
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