Enschede-based investment firm Infestos has declared its offer for Neways unconditional. To date, shareholders have committed 86.22 percent of the shares. This includes VDL’s minority stake of 27.63 percent. Pursuant to the unconditionality, the accepters of the offer will receive the offer price of 14.55 euros in cash for each tendered share. Infestos may decide to announce a post-closing acceptance period during which shareholders who haven’t yet committed may do so on the same terms and subject to the same conditions and restrictions.
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. Now that the post-closing restructuring threshold of at least 85 percent has been reached, subject to approval by the shareholders, Infestos may also decide to implement the post-closing merger restructuring. Both procedures will result in the termination of Neways’ listing.