Talks on public offer between VDL Groep and Neways have ended
VDL Groep B.V. (VDL) will today be announcing that the talks with Neways Electronics International N.V. (Euronext Amsterdam: NEWAY) (Neways) about a possible public offer (by VDL or one of its group companies or affiliates) for all issued and outstanding shares in the capital of Neways have ended.
Offer price and irrevocable undertakings
Before the talks ended, VDL increased the proposed offer price per share to EUR 13.00 in cash. In addition, VDL has obtained additional irrevocable undertakings from Neways shareholders to offer their shares to VDL for the offer price of EUR 13.00 and on the other terms and conditions of the offer.
No information relevant to Neways shareholders was provided to the shareholders concerned other than the information to be included in the offer memorandum that was going to be published when a public offer was made. The irrevocable undertakings obtained by VDL, together with VDL’s interest, represent a total of 68.70% of the issued and outstanding capital of Neways.
VDL is amazed to learn of the position that the management board and supervisory board of Neways do not support a public offer based on the increased offer price, while almost 70% of the shareholders do support the offer and the majority of the other shareholders (excluding VDL) have declared that it they willing to offer their shares for the offer price. Also, the remaining 30% of Neways shareholders will be denied the opportunity to accept a supported public offer.
Talks between the parties about a possible public offer for Neways have therefore ended. VDL Groep will continue to pursue its ambitions in the field of further development and expansion of electronics competences.
About VDL Groep
Strength through cooperation. This is the basis of VDL Groep, an international industrial family business with its head office in Eindhoven, the Netherlands. This business was established in 1953 by Pieter van der Leegte. Initially, VDL Groep specialised in metalworking. When his son Wim van der Leegte took over the company in 1966, the company started specialising in high-tech subcontracting in industries such as the semiconductor industry, later adding plastics processing and the development, production and selling of buses and coaches to its portfolio. VDL Groep is a major player in the fields of subcontracting and semi-finished products and manufactures its own finished products, such as suspension systems, automated car plant systems, heat exchangers and container handling equipment. With VDL Nedcar in Born, it has the only car plant in the Netherlands where serial assembly for third parties takes place.
VDL Groep innovates through a combination of professionalism, entrepreneurship and high-quality machines. The group of companies combines the strength of a multinational with the flat organisation structure and open, informal working atmosphere of a family business where growth opportunities and continuity take precedence. The third Van der Leegte family generation has been at the group’s helm since 2016. VDL Groep has over 15,000 employees and operates in 20 countries. The group comprises 107 operating companies, each with its own specialism, that intensively work together. In 2020, VDL’s combined annual revenue amounted to 4.686 billion euros.
For additional information, please contact:
VDL Groep – Communications Department – Telephone +31 (0)40 292 50 00
Miel Timmers, Spokesperson – Mobile +31 (0)6 14 76 70 66
This is a public announcement within the meaning of Article 4, paragraph 3 of the Public Takeover Bids (Financial Supervision Act) Decree. This public announcement is not an offer, nor any invitation to make an offer, to purchase or subscribe to securities in Neways.