Cobham announces £270m voluntary offer for
Thrane & Thrane A/S and acquisition of 25.6% shareholding
Cobham plc ('Cobham' or 'the Group') today announces a final cash offer of DKK420 for each share of Thrane & Thrane A/S ('Thrane & Thrane'), consistent with the level previously proposed to the Thrane & Thrane Board.
Following Cobham's 12 March 2012 announcement of the withdrawal of its proposal to the Board of Thrane & Thrane and the subsequent resignation of the Chairman of Thrane & Thrane on 26 March 2012, a number of institutional investors expressed interest in selling to Cobham their shareholdings in Thrane & Thrane.
This resulted in the purchase of Thrane & Thrane shares from Jupiter Asset Management Limited and other institutional shareholders totalling 1,292,110 shares at a price of DKK420 per share in cash representing approximately 22.74 per cent of the issued share capital of Thrane & Thrane. As a result, taken together with market purchases, Cobham notified the Board of Thrane & Thrane and made an announcement to the Danish FSA, Nasdaq OMX Copenhagen A/S and the London Stock Exchange on 5 April 2012 that the Group (through its 100 per cent owned subsidiary Lockman Electronic Holdings Ltd.) owned 1,453,795 shares, representing approximately 25.59 per cent of the issued share capital of Thrane & Thrane.
Cobham continues to seek to work with the Board of Thrane & Thrane to achieve a recommendation for this offer and to facilitate the bringing together of Thrane & Thrane and Cobham's SATCOM business in a way that provides the best future for the business, its employees and customers.
Subject to the approval by the Danish FSA, Cobham now announces a voluntary offer (the "Offer") on the following basis.
