At the end of the initial acceptance period of its takeover bid, IPTE and its affiliates hold 97.21 percent of the outstanding shares of Connect Group. As a result, the bid will be mandatorily and unconditionally reopened. From 3-23 September, the remaining shareholders can sell their shares for the original takeover price of 1.60 euros a piece.
Last October, IPTE Factory Automation announced its intention to launch a voluntary and unconditional bid to take over Connect and delist the high tech subcontractor from Kampenhout (link in Dutch). Beginning of June, the majority shareholder from Genk followed through. The initial acceptance period ended 14 August. As IPTE and its affiliates now own over 95 percent of the shares, they can launch a squeeze-out if the reopening doesn’t take them to 100 percent.