Picanol Group has announced that the merger with Tessenderlo Group will not go through since it could not get approval from Tessenderlo Group’s shareholders.
On January 25, 2016, Tessenderlo Group and Picanol Group had decided whether and how the terms and conditions of the transaction could be amended with a view to get approval by shareholders of Tessenderlo.
“With a view to get the approval, various meetings were held to sound the market on their views on the transaction,” a Picanol press release said.
Taking into account the market feedback, both companies analysed whether the terms and conditions of the proposed transaction could be amended to accommodate and reconcile the different views expressed.
Picanol NV and its subsidiary Verbrugge NV have concluded that there is currently insufficient market support at terms reasonable for Picanol NV and its shareholders to complete the transaction successfully.
“Hence, the board of directors of Picanol NV decided not to endorse any changes to the terms of the transaction,” the press release added.
On this basis, the boards of directors of both companies have each decided to terminate their negotiations and to withdraw the proposal to combine.
“Both Picanol Group and Tessenderlo Group have the means and will continue to focus on an enhanced value creation in each of its businesses,” Picanol informed.
Picanol Group further added that although, it regrets that the proposed transaction cannot be concluded, it intends to continue to support Tessenderlo Group as a long term shareholder.
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