ZF’s bid for the Haldex has failed – according to Di’s sources, the company was not even close to reaching the acceptansgraden 50 per cent.
Uncertainty about the Haldex future is now very large.
on Monday went to time out for the shareholder in Haldex that wanted to sell their shares to ZF, one of two bidders in the dramatic bidding war if bromstillverkaren.
the ZF has conditioned its offer with a acceptansgrad of 50 per cent, and as late as last week, the ZF out and pointed out that the bid and the conditions were final.
On Tuesday afternoon, reported the German newspaper Handelsblatt that the ZF has failed to reach the 50% threshold, which would mean that the bid will fall.
Di:s sources with transparency in the bidding war, confirms the information, and stating in addition that ZF’s bid – as both the Haldex board of directors and the association Swedish shareholders has endorsed – not even close to reaching the vulnerable acceptansgraden.
It means that the Haldex has been in a very unsafe location.
the ZF is still equipped with Haldex’s largest owner with more than 21 per cent of the shares, and a key question is of course how the German group intend to act after budfloppen.
as late as last week, ZF’s ceo Stefan Sommer that the company does not intend to raise its bid as low at sek 120 per share.
"If we do not reach 50 per cent on Monday, we leave the game," he said.
At the Di’s ask what happens if the ZF does not reach the 50 per cent pointed to Stefan Sommer at the option to sell the ZF’s shares in Haldex to the competing bidder, Knorr-Bremse.
Knorr-Bremse offers sek 125 per share – sek 5 over the ZF’s bid and has set 5 december as the deadline for the acceptance period.
Knorr-Bremse is today the second largest owner in Haldex with less than 15 per cent of the shares and has in common with the ZF conditional upon its bid with a acceptansgrad of 50 per cent.
"We get to sit down around the table when we have received a notice on Monday and discuss with Knorr-Bremse," said Stefan Sommer.
however, it is Clear that it is for the Haldex part is waiting for a period of palpable uncertainty about where the company has its future.
"For the Haldex, this is a very unfortunate situation. The company risks losing business when there is so much uncertainty around the company," says an insider analysts to Di.
A factor that reinforces the uncertainty is anecdotal evidence that foreign hedge funds have bought large amounts of shares in Haldex in order to block any bid for to drive forward budhöjningar.
It can make it difficult even for Knorr-Bremse to achieve a acceptansgrad of 50 per cent.
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