Pfeiffer Vacuum surprised by Busch offer
24 JAN 2017
Busch had not told Pfeiffer Vacuum [ETR:PFV] of its intention to launch an all-cash EUR 96.20 offer today (24 January), it is understood.
Pfeiffer Vacuum was surprised by the timing of Busch’s offer, it is understood.
It will take the target beyond today to formulate a response, with a press release expected in a few days, there being many factors to consider, it is further understood.
Busch will own 29.98% of Pfeiffer when it publishes the offer document. In Germany, an offer is mandatory on crossing the 30% threshold.
Avoiding this scenario and making a voluntary offer means Busch can buy shares on the market at its own pace, it was noted. Busch’s statement said Pfeiffer will continue to be listed on the Frankfurt Stock Exchange, so there will be no squeeze-out.
Busch currently has one representative on the six-member board. When the offer closes, Busch will seek board representation to correspond with its new shareholding, the announcement said.
Busch has retained ACXIT Capital Partners and law firm Weil Gotshal & Manges from its previous Pfeiffer stake acquisitions.
Pfeiffer and Busch did not respond to requests for comment.