SAFRAN : 05/31/2016 Proposed public tender offer followed by a squeeze-out on the shares of Technofan
May 31, 2016 at 09:47 am EDT
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Paris, on 31 May 2016
Technofan was acquired in 1989 by Labinal, itself acquired by Snecma in 2000. Since the merger of Snecma and Sagem in 2005, Technofan is controlled by Safran. Since the last acquisition of Technofan securities on the market by Safran on 11 April 2012 (see AMF notification n°212C0525 dated 20 April 2012), Safran raised its ownership to 598,663 shares, representing 95.15% of the share capital and voting rights of Technofan.
In view of the low liquidity of the Technofan shares, the absence of call to the market prospects as well as the formalities associated with the listing, Safran considered that the listing of Technofan on the market of Euronext in Paris is no longer justified. Therefore, Safran decided to initiate a proposed public tender offer followed by a squeeze-out (the « Offer ») on all of the issued and outstanding Technofan shares not held by Safran at the date of the filing of the proposed Offer, at a price of 245 euros per Technofan share.
Minority shareholders will be given the opportunity to benefit from a total and immediate liquidity of their shares.
In accordance with the applicable regulation, the firm Ledouble was appointed as independent appraiser to assess the financial conditions of the Offer and issue a fairness opinion.
The Offer and the proposed Offer document, jointly prepared by Safran and Technofan, have been filed today with the French Financial markets authority (Autorité des marchés financiers).
Safran SA published this content on 31 May 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 May 2016 13:46:09 UTC.
Original documenthttp://www.safran-group.com/media/20160531_proposed-public-tender-offer-followed-squeeze-out-shares-technofan
Public permalinkhttp://www.publicnow.com/view/AE8EB0573CBDABD0172A6EEA1A0E4C2A8CD8E394
Safran is a high technology international group, a leading equipment provider in the Aerospace and Defense markets. The group specializes in the design, manufacturing, and marketing of equipment and systems of high technology mechanical and electronic equipment. Net sales break down by product family as follows:
- aeronautic and space propulsion systems (51.2%): helicopter motors (No. 1 worldwide), civil and military airplanes motors, systems for space lancers and missiles, turboreactors for drone targets, etc.;
- aircraft equipment, defense systems and aerosystems (38%): airplane engine pods, landing gear, braking systems, electric wiring systems, etc. Safran also offers on board aircraft systems and equipment (primarily evacuation slides, emergency arresting systems, protective parachutes and oxygen systems, electrical power management systems, control systems, water and waste management systems and connectivity systems) and defense and security systems (helicopter flight controls, fingerprint-based biometric identification systems (No. 1 worldwide), inertial systems, optronic systems, tactical drone systems, etc.);
- aircraft interiors (10.7%): cabin interiors and seats;
- other (0.1%).
Net sales are distributed geographically as follows: France (19.4%), Europe (24%), the Americas (34.8%), Asia and Oceania (13.2%), Africa and the Middle East (8.6%).