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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Alfa Laval AB    ALFA   SE0000695876

ALFA LAVAL AB

(ALFA)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 12/02 11:25:00 am
216.3 SEK   -1.68%
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Alfa Laval : amends its recommended offer for Neles acceptance level condition lowered to 50% and acceptance period extended

10/16/2020 | 10:31am EST

As previously announced, Alfa Laval AB (publ) ('Alfa Laval' or the 'Offeror') and Neles Corporation ('Neles') have on 13 July 2020 entered into a combination agreement pursuant to which Alfa Laval has made a voluntary recommended public cash tender offer for all issued and outstanding shares in Neles (the 'Tender Offer').

Alfa Laval has published a tender offer document, dated 12 August 2020, concerning the Tender Offer (the 'Tender Offer Document'). The acceptance period under the Tender Offer (the 'Offer Period') commenced on 13 August 2020 at 9:30 a.m. (Finnish time) and was set to expire on 22 October 2020 at 4:00 p.m. (Finnish time).

Alfa Laval amends its recommended offer for Neles: acceptance level condition lowered to >50% and acceptance period extended

Alfa Laval AB (publ), 15 October 2020 at 7:30 a.m. CEST

As previously announced, Alfa Laval AB (publ) ('Alfa Laval' or the 'Offeror') and Neles Corporation ('Neles') have on 13 July 2020 entered into a combination agreement pursuant to which Alfa Laval has made a voluntary recommended public cash tender offer for all issued and outstanding shares in Neles (the 'Tender Offer'). Alfa Laval has published a tender offer document, dated 12 August 2020, concerning the Tender Offer (the 'Tender Offer Document'). The acceptance period under the Tender Offer (the 'Offer Period') commenced on 13 August 2020 at 9:30 a.m. (Finnish time) and was set to expire on 22 October 2020 at 4:00 p.m. (Finnish time).

Alfa Laval has decided to amend the minimum acceptance condition of the Tender Offer such that the completion of the Tender Offer is conditional on, among other conditions, the valid tender of shares representing, together with any other shares otherwise acquired by the Offeror prior to or during the Offer Period, more than fifty percent (50%) (prior to the amendment: more than two thirds (2/3)) of the issued and outstanding shares and voting rights in Neles.

In order to ensure that the shareholders of Neles have an appropriate amount of time to consider the amendment, as required under applicable laws, Alfa Laval has decided to extend the Offer Period to expire on 30 October 2020 at 4:00 p.m. (Finnish time), unless extended further in accordance with the terms and conditions of the Tender Offer and applicable laws and regulations.

Tom Erixon, President and CEO of Alfa Laval: 'I remain enthusiastic about the possibility to continue to support Neles' growth journey together with Alfa Laval as a strategic partner. As an owner, Alfa Laval would be committed to the strategy and industrial plan of Neles and continue to build on the competence among its employees and on its R&D platform. Our combined technology expertise and global network would enable an unparalleled product offering and market presence in the industrial flow control market.

Alfa Laval believes that it has presented a fair offer to all Neles' shareholders, supported by the Neles Board of Directors. The public tender offer, and the rationale behind it, is based on a clear industrial logic and a belief that the combined company will embark on a growth journey for many years to come.'

The terms and conditions of the Tender Offer remain unchanged in all other respects, and there have been no changes to Alfa Laval's previously communicated strategic plans with respect to Neles. If the Tender Offer is completed, Alfa Laval would assess alternatives to acquire the remaining shares in Neles over time. However, no decisions concerning such transactions have been taken.

Alfa Laval will supplement the Tender Offer Document to reflect the amendment of the minimum acceptance condition of the Tender Offer as well as the extension of the Offer Period and will publish such supplement document once it has been approved by the Finnish Financial Supervisory Authority. In addition, the Board of Directors of Neles is expected to supplement its statement on the Tender Offer issued on 12 August 2020 due to the amendment of the minimum acceptance condition of the Tender Offer. Alfa Laval will supplement the Tender Offer Document with such supplemented statement of the Board of Directors of Neles, once published.

Contact:

Johan Lundin

Tel: +46730463090

Email: johan.lundin@alfalaval.com

About Alfa Laval

Alfa Laval is active in the areas of Energy, Marine, and Food & Water, offering its expertise, products, and service to a wide range of industries in some 100 countries. The company is committed to optimizing processes, creating responsible growth, and driving progress - always going the extra mile to support customers in achieving their business goals and sustainability targets.

Alfa Laval's innovative technologies are dedicated to purifying, refining, and reusing materials, promoting more responsible use of natural resources. They contribute to improved energy efficiency and heat recovery, better water treatment, and reduced emissions. Thereby, Alfa Laval is not only accelerating success for its customers, but also for people and the planet. Making the world better, every day. It's all about Advancing better.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALFA LAVAL AB -1.50% 216.7 Delayed Quote.-6.74%
NELES OYJ -1.01% 10.825 Delayed Quote.5.86%
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Financials
Sales 2020 41 692 M 4 915 M 4 915 M
Net income 2020 4 495 M 530 M 530 M
Net Debt 2020 1 118 M 132 M 132 M
P/E ratio 2020 20,2x
Yield 2020 2,37%
Capitalization 90 896 M 10 687 M 10 716 M
EV / Sales 2020 2,21x
EV / Sales 2021 2,12x
Nbr of Employees 16 921
Free-Float 70,9%
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Technical analysis trends ALFA LAVAL AB
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 224,00 SEK
Last Close Price 216,70 SEK
Spread / Highest target 27,4%
Spread / Average Target 3,37%
Spread / Lowest Target -19,2%
EPS Revisions
Managers
NameTitle
Tom Erixon President & Chief Executive Officer
Dennis Jönsson Chairman
Mikael Tyden President-Operations Division
Jan Allde Chief Financial Officer
Finn Anders Egil Rausing Independent Director
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