Around the World
Neways Agrees to Infestos’ Acquisition Bid Pending Shareholder Vote
SON, THE NETHERLANDS – Neways has agreed to be acquired by an investment firm in an all-cash deal worth approximately €177.5 million.

Since late June, Infestos has had a standing offer of €14.55 in cash for all issued and outstanding ordinary shares in Neways, a premium of about 33.5% over Neways’ closing price on Apr. 29, and a premium of 65% over the average daily volume weighted price for the six months prior to that date.

Neways’ management board and supervisory board said in a statement they fully support the transaction and unanimously recommend the deal to shareholders. A shareholder vote will take place this month.

The offer is subject to certain conditions, including a minimum acceptance level of 60% of the shares, or such lower amount as determined by Infestos in consultation with the boards but with a minimum of 50.01% of the shares.

Infestos, which holds 8.4% of Neways’ shares, said it has commitments from other shareholders totaling 50.17% of the shares needed to approve the deal.

The companies jointly said the deal would result in no material reorganizations or restructuring.

Neways has been the object of acquisition bids all summer, as VDL Group and Infestos went back and forth with bids for the EMS firm. VDL pulled its €13.00 per share bid in early July, leaving the door open to Infestos to complete the transaction. Still, VDL holds a 27.6% stake in Neways, which could complicate closing the deal. (MB)