SAF-Holland lost the bidding war for the engineering company Haldex against competitor ZF Friedrich Haven. Yet they do not back its bid. The opening of misunderstanding among investors, say industry analysts to the business world.
Many people were expecting a continuing bidding war for Haldex between the two German companies, but it did not occur when the SAF-Holland announced that it does not raise its bid for 94.42 per share. This means that the competitor ZF Friedrichshafen can emerge victorious with its offer of SEK 100 per share, something also Haldex Board recommends the shareholders to accept.
Normally the party lost a bidding war immediately withdraws its offer. But in this case, the SAF-Holland left with lower bid. It opens for misunderstanding, according to observers, especially as the two bids overlap in time and the German company names might not be too well known to investors.
Sleep analyst Johanna Hill at online broker Avanza say it is a very unusual situation .
– it requires banks to clearly communicate what the Haldex board recommends.
Johanna Hill says that the most likely still is that SAF-HOLLAND will withdraw the offer.
An industry analysts say the business world that the whole situation makes for confusion. It is quite possible that many stock investors are not aware of the existence of two bids and accept the lower – then the buyer can directly sell to the highest bidder at a good profit.
– The fancy had been to withdraw the bid, said the assessor.
SAF-Holland’s media and investor contact Hans Westerberg says to the business world that there is only one prospect out there so far, and it’s SAF-Holland.
– There is no reason to remove it. It will be the 24 August, so we’ll see what we get, says Westerberg.
ZF Friedrichshafen prospectus will sometime next week, according to the company’s media and investor contact Anders Fogel. The acceptance period for the offer will be August 22 to 30.
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