Schneider Electric Completes Tender Offer For Telvent Shares
31 August 2011 - 7:39AM
Dow Jones News
French electrical engineering and power management company
Schneider Electric SA (SU.FR) said Wednesday it has successfully
completed its cash tender offer to purchase all of the issued
shares of Telvent GIT, S.A. (TLVT) for $40 per share and started a
subsequent offering period to acquire the remaining untendered
shares.
MAIN FACTS:
- The tender offer and withdrawal rights expired at 5:00 p.m.,
New York City time, on Tuesday, August 30, 2011. According to the
depositary for the tender offer, approximately 33,187,514 shares
were validly tendered and not withdrawn as of the expiration time.
This represents approximately 97% of Telvent's issued shares.
- Schneider Electric will seek a general shareholders' meeting
of Telvent for the purposes of obtaining the requisite shareholder
approval of a redemption of each share of Telvent not owned by
Schneider Electric and its affiliates. If approved, each such share
of Telvent not owned by Schneider Electric and its affiliates would
be cancelled and converted into the right to receive $40 in cash
without interest and less any applicable withholding taxes and
deductions in respect of Spanish capital tax.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
inti.landauro@dowjones.com
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