TE Connectivity to Launch Public Tender for Schaffner Shares

By Pierre Bertrand

TE Connectivity said on Thursday that it has reached a definitive agreement with Schaffner Holding for the launch of a public tender offer for all of Schaffner's publicly held registered shares.

The pre-announced all cash offer of 505 Swiss francs ($573.86) per share represents a 79% premium over Schaffner's closing share price on August 16 and a nearly 75% premium to the volume-weighted average price of the last 60 trading days, TE Connectivity, a Swizterland-based manufacturer of connectivity and sensor solutions, said.

TE Connectivity said that Schaffner's board of directors has unanimously approved the offer and that the Swiss electrical component maker's largest shareholder backs the deal.

Buru Holding, which owns an around 17.2% stake in Schaffner, is undertaking to tender all of its shares in Schaffner into the offer, TE Connectivity said.

The deal will add Schaffner's electromagnetic compatibility filter products to TE Connectivity's portfolio, the company said.

The deal is expected to be settled in December 2023 and is subject to regulatory approvals, TE Connectivity said.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

August 17, 2023 04:05 ET (08:05 GMT)

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