TE Connectivity Ltd. (NYSE: TEL) today published the provisional interim result of the public tender offer for all publicly held shares of Schaffner Holding (SIX: SAHN) after the end of the offer period.
All regulatory clearances for the settlement of the public tender offer have been obtained.
Based on the preliminary figures, 561'187 Schaffner shares were tendered into the offer by the end of the offer period, which represents 89.0% of the Schaffner shares subject to the offer. Taking into account the tendered Schaffner Shares and Schaffner Shares held by persons acting in concert with the offeror, TE Connectivity's participation amounts to a total of 566'314 Schaffner Shares. This corresponds to a participation of 89.1% percent of the issued share capital and voting rights of Schaffner Holding. TE Connectivity welcomes this strong approval of the Schaffner shareholder base for the tender offer.
Subject to confirmation in the definitive notice of the interim result scheduled for November 16, 2023, TE Connectivity holds Schaffner Shares representing more than 67% of the fully diluted share capital of Schaffner Holding (not taking into account the Schaffner Shares held by Schaffner Holding or its subsidiaries) which means that the minimum acceptance level has been reached. Subject to the fulfillment of certain ongoing offer conditions, TE Connectivity declares the offer to be successful.
The announcement of the provisional interim result is available under this link.
The additional acceptance period for the offer begins on November 17, 2023, and is expected to last until November 30, 2023, 4:00 p.m. Swiss time. Schaffner Shares can still be tendered during the additional acceptance period. The tender offer remains subject to customary terms and conditions. Settlement is expected to occur on December 14, 2023.
Following the settlement of the offer and in accordance with the terms and conditions set out in the offer prospectus, dated September 28, 2023, TE Connectivity intends to initiate a squeeze-out procedure and delist the Schaffner Shares from SIX Swiss Exchange.
The preliminary timetable for the settlement of the offer is as follows: November 16, 2023 Definitive notice of the interim result of the offer
November 17, 2023 Start of the additional acceptance period
November 30, 2023 End of the additional acceptance period, 4:00 p.m. Swiss time
December 1, 2023 Provisional notice of the end result of the offer
December 6, 2023 Definitive notice of the end result of the offer
December 7, 2023 Extraordinary shareholders' meeting of Schaffner Holding
December 14, 2023 Settlement of the offer (subject to the fulfillment of further offer conditions)
This press release is for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell any securities of Schaffnerand it does not constitute a prospectus or a similar notice within the meaning of articles 35 et seqq. or 69 of the Swiss Financial Services Act. Complete terms and conditions of the offer are set forth in the offer prospectus which was published on September 28, 2023 (the 'Offer Prospectus'). Holders of shares in Schaffner are urged to carefully read the Offer Prospectus because it contains important information about the offer. This announcement is not for publication, release or distribution in or into or from any jurisdiction where it would otherwise be prohibitedand does not constitute an offer of securities for sale in such countries. Please also refer to 'Legal Disclaimers' below.
About TE Connectivity
TE Connectivity is a global industrial technology leader creating a safer, sustainable, productive and connected future. Our broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications and the home. With more than 85,000 employees, including over 8,000 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.comand on LinkedIn, Facebook, WeChat and Twitter.
About Schaffner
Schaffner plays a vital role in building a sustainable future in the new era of electrification. Headquartered in Switzerland and with subsidiaries around the world, Schaffner is a global leader in electromagnetic solutions that ensure the efficient and reliable operation of electronic systems. The Schaffner Group are experts in EMC filter solutions, harmonic filters, electromagnetic components and electromagnetic solutions. Schaffner's passionate and knowledgeable employees empower its customers to develop reliable electronic devices and systems that meet compliance standards and deliver increased energy efficiency.
Forward-Looking Statements
This announcement contains forward-looking statements. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. TE Connectivity undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
Contact:
Tel: +1 610-893-9593
Email: Rachel.quimbyte.com
TE CONNECTIVITY LTD. 
