Enschede-based investment firm Infestos is making its recommended public offer for all issued and outstanding Neways shares of 14.55 euros in cash per share. Fully supported by the management and supervisory boards of the Son-based EMS specialist, the bid includes a minimum acceptance level of 60 percent or such lower amount as determined by the two parties but with a minimum of 50.01 percent. Infestos already owns 8.42 percent itself and has received commitments for another 41.75 percent, bringing the total to 50.17 percent – across the threshold. This means the closing of the deal is no longer contingent on VDL’s minority stake.
Infestos has committed to Neways’ current business and investment strategy. The group nor its business units will be broken up, unless proposed by the management board, nor are there intentions to pursue divestments. Neways will remain a separate legal entity, under current management and with its HQ in Son, and will not be integrated or combined with other portfolio companies of Infestos. All existing rights and benefits of employees will be respected. There will be no reorganizations or restructuring plans resulting in material redundancies as a direct consequence of the offer.
Infestos aims to have Neways continue as a company listed on Euronext Amsterdam. However, if it obtains 95 percent or more of the shares, it may decide to initiate the squeeze-out, by commencing a compulsory acquisition procedure. If the post-closing restructuring threshold of at least 85 percent is reached, subject to approval by the shareholders, Infestos may decide to implement the post-closing merger restructuring. Both of the latter procedures will result in the termination of Neways’ listing.