Palfinger formally lodges takeover bid for TTS GroupCompany News // July 19, 2016
Palfinger has formally lodged documents for its proposed takeover of TTS Group, which is listed on the Oslo Stock Exchange. The bid was approved and published by the Oslo Stock Exchange on 18 July.
Palfinger aims to acquire 100 per cent of the shares in TTS. Apart from the necessary anti-trust approvals, the offer is also subject to the condition that at least 90 per cent of all the shares in TTS be offered to the Palfinger Group (with Palfinger having already secured acceptance of a total of approximately 66.3 per cent).
The initial deadline for acceptance of the offer is 12 August 2016. The Board of Directors of TTS recommends that its shareholders accept Palfinger's offer.