Knorr-Bremse has withdrawn its offer for brake and suspension manufacturer Haldex, bringing to an end a long-running pursuit.
Haldex last year recommended a takeover by ZF Friedrichshafen to shareholders, only for the German company to withdraw.
This saw Haldex, listed on the Stockholm stock exchange, recommend a previously rebuffed offer by Knorr-Bremse – essentially as the only suitor left. This was despite concerns about whether the deal would win regulatory approval.
However, in a statement today (19 September) Knorr-Bremse said it had withdraw its offer and terminated the merger clearance process.
Knorr-Bremse said a refusal to provide the necessary co-operation from Haldex and the inability to complete the current process within the acceptance period required by the German stock market was behind the decision.
The stament said: “Without the cooperation and support of Haldex, merger clearance cannot be obtained. Completion of the offer was conditional upon, inter alia, receipt of all necessary clearances from authorities on terms acceptable to Knorr-Bremse as well as Haldex not taking any measures that were likely to impair the prerequisites for implementing the offer.
“These offer conditions have not been met now and will clearly not be met within the acceptance period. Therefore, Knorr-Bremse withdraws the offer and must terminate the merger clearance process.”
Jörgen Durban, chairman of the Board of Haldex, said in response: ”We can finally put this public offer behind us and release the resources working on assisting the authorities with information. Ever since the end of June, when we received a very clear message from the authorities, we have known that there were no real possibilities for a deal.
“We will continue to build a stronger, competitive Haldex with customers, employees and shareholders in focus.”.
The company said shareholders who have accepted Knorr-Bremse’s offer will have their shares returned to their respective accounts.
