VACON OYJ Vacon Plc, Stock Exchange Release, 18 February 2015 at 3.10 p.m. (EET)
Vacon plc ("Vacon") today received the following information from Oy Danfoss Ab.
The Redemption Committee of the Finland Chamber of Commerce has appointed an Arbitral Tribunal consisting of three arbitrators to settle the disagreements over the right of squeeze-out relating to Vacon shares not held by Oy Danfoss Ab and over the squeeze-out price. The Arbitral Tribunal comprises professor Seppo Villa (Chairman), professor Vesa Annola and attorney Tarja Wist.
On 25 November 2014, Oy Danfoss Ab announced that it had more than nine tenths (9/10) of all shares and votes in Vacon and that it would exercise its right under the Limited Liability Companies Act to buy out the shares held by other Vacon's shareholders. The squeeze-out price offered by Oy Danfoss Ab is 34.00 euros, which equals the consideration paid by Oy Danfoss Ab based on the public voluntary bid announced on 12 September 2014.
VACON PLC
Further information:
- Sebastian Linko, Director, Corporate Communications and Investor Relations, +358 (0)40 8371 634, sebastian.linko(at)vacon.com
Vacon in brief
Vacon is driven by a passion to develop, manufacture and sell the best AC drives and inverters in the world - and provide customers with efficient product lifecycle services. Our AC drives offer optimum process control and energy efficiency for electric motors. Vacon inverters play a key role when energy is produced from renewable sources. Vacon has production and R&D facilities in Europe, Asia and North America, and sales offices in 32 countries. Further, Vacon has sales representatives and service partners in nearly 90 countries. In 2014, Vacon's revenues amounted to EUR 409.4 million, and the company employed globally approximately 1,600 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki). Vacon is part of Danfoss Group.
Driven by Drives, www.vacon.com
Distribution:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Main media
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vacon Oyj via Globenewswire
