Two of trucking's largest component suppliers could be joining forces.
SAF-Holland Wednesday announced a public cash offer to acquire Haldex for 3.2 billion Swedish Krona ($325 million). The offer price, which SAF-Holland states is "best and final" and will not be increased, was unanimously recommended by the Haldex board of directors.
The acceptance period of the offer is expected to commence around July 4, and will expire around August 16, 2022.
In its statement Wednesday, Haldex's board wrote the offer "provides an opportunity for shareholders to monetize their shareholdings today at a fair cash price, free of the risks and challenges associated with executing against the board’s medium and long-term strategy set out above."
Completion of the offer is conditional upon, among other things, SAF-Holland becoming the owner of more than 90 percent of the total number of shares in Haldex and the receipt of all necessary regulatory, governmental or similar clearances, approvals and decisions, including from competition authorities, in each case on terms which, in SAF-Holland’s opinion, are acceptable, Haldex states.
SAF-Holland has reserved the right to waive these and other conditions for completion of the offer.
SAF-Holland announced it has secured agreements for 22.5 percent of Haldex stock, and also has acquired 14.1 percent of outstanding shares in Haldex (9.2 percent of which from Knorr-Bremse AG, which previously attempted to acquired Haldex).
SAF-Holland announced Wednesday it "highly values the strength of the Haldex brand and competence of the Haldex management and employees, and intends to continue to safeguard the excellent relationship that Haldex has to its employees. It is the current intention of SAF-Holland to retain the operations of Haldex intact, without significant changes to Haldex’s or SAF-Holland’s employees and management or to the existing organization and operations of Haldex or SAF-Holland, including the terms of employment and locations of the business.
"Any specific initiatives to be implemented pursuant to the integration will be determined following completion of a detailed review of the combined business of SAF-Holland and Haldex in the period following the completion of the offer. Before completion of the offer, it is too early to say which initiatives will be taken and the impact these would have.”