Cobham plc : Recommended Offer for Thrane & Thrane A/S Successfully Completed
06/19/2012| 05:19am US/Eastern
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News Release
19 June 2012
Recommended Offer for Thrane & Thrane A/S Successfully
Completed
Cobham plc ('Cobham') announces that its
Recommended Offer for Thrane & Thrane A/S ('Thrane &
Thrane'), as amended on 3 May 2012 and 21 May 2012, has
successfully completed following receipt of the required
merger authority approvals.
As previously announced, the minimum acceptance condition of
the Offer was satisfied on
8 May 2012 and Cobham has subsequently obtained acceptances
for more than 90 per cent of the issued share capital of
Thrane & Thrane. Cobham expects that settlement will be
effected on 22 June 2012. However, special rules apply to
Thrane & Thrane Warrants
and Employee Shares with settlement expected at the latest by
the end of July 2012.
Compulsory Redemption and Delisting
As per the Offer Document, Cobham now intends to proceed with
the delisting of the Thrane & Thrane Shares from the NASDAQ
OMX Copenhagen, with a view to completing the de-listing by
the end of July 2012, and the Compulsory Redemption of
minority shareholders, with a view to completing the process
by mid December 2012. Further announcements in this regard
will be made in due course.
Integration
Cobham announced as part of its Offer that management
responsibility for its marine SATCOM business would transfer
to the Thrane & Thrane management team in Denmark once 100%
ownership of the company had been achieved. In addition,
recognising the highly complementary nature of the
acquisition, Cobham now also intends to transfer management
responsibility for its land and airborne SATCOM business to
the Thrane & Thrane management team by the end of 2012,
creating a new Strategic Business Unit reporting to Richard
Tyson, President of Cobham's Aerospace and Security
Division.
- ends -
Enquiries
Cobham plc
Warren Tucker, Chief Financial Officer +44 (0)1202 882020
Julian Wais, Director of Investor Relations +44 (0)1202
857998
Brunswick
Michael Harrison/Will Carnwath +44 (0)20 7404 5959
www.cobham.com
News Release
About Cobham
Cobham specialises in meeting the demand for data,
connectivity and bandwidth in defence, security and
commercial environments. Offering a technically diverse and
innovative range of technologies and services, the Group
protects lives and livelihoods, responding to customer needs
with agility that differentiates it. The most important thing
we build is trust. Employing more than 11,000 people on five
continents, the Group has customers and partners in over 100
countries.
www.cobham.com
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