SAF-Holland will not raise its current bid for the engineering company Haldex, representing 94.42 per share.
The decision is based on a re-evaluation of the consideration in the light of a higher offer announced by ZF Friedrichshafen August 4, 2016.
According to a press release.
ZF Friedrichshafen placed a competing bid of 100 kronor per share. The market has since speculated on a continuing bidding war and its shares closed at 105 crowns on Wednesday. Bidding war now appears to be over.
“The renewed analysis of our consideration has confirmed our starting points. The consideration represents a strong valuation and reflects the growth potential of Haldex as part of SAF-Holland. We will therefore maintain our consideration offered and continues to act with our shareholders’ best interests, “says Detlef Borghardt, CEO of SAF-Holland, in a statement, according di.se.
Haldex shares fell heavily after opening and traded at 09.30 to just under $ 100.
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