Existing investors make open offer for all Tencate shares
July 22, 2015 - Netherlands
A consortium of investors led by Gilde Buy Out Partners, Parcom Capital and ABN Amro have extended to buy out shares of Royal TenCate N.V. through a public offer.
The consortium has offered exiting Tencate shareholders €24.60 in cash per ordinary share, subject to customary conditions.
The offer price represents a premium of 26.8 per cent to the closing price of July 17, 2015, and a premium of 27.1 per cent to the average closing price for the 12 months prior to and including that date.
According to a Tencate press release, it considers this intended transaction to be a compelling offer for all the Company's stakeholders.
It added that this deal will help Tencate realise its business strategy, allowing it to improve and invest in the existing markets of protective fabrics, advanced composites, advanced armour, geosynthetics and grass.
“And, as part of an effective buy & build strategy, will strengthen these market groups further through acquisitions,” it informed.
With a focussed shareholder consortium as its controlling shareholder base, TenCate will have ample access to liquidity for long term value enhancement of the business.
“This focus on value creation will also benefit commercial relationships through product development and innovations,” Tencate observed.
CEO at Tencate Loek de Vries said, "This offer represents positive news for all stakeholders involved in our company as all will benefit from the longer-term horizon the consortium brings.”
“There is a clear commitment to support our strategy, which means we can invest in our product-market-technology combinations, thereby further strengthening our leading market positions,” Vries too added.
“In addition, we can continue our buy and build approach and we will benefit from the capabilities, experience and financial support of our new shareholder,” he also informed.
Hein Ploegmakers, partner at Gilde said, "Tencate hold leadership positions in a number of high growth and specialised niche markets and we aim to support each of them the best we can.”
“Together with our co-investors, we are delighted at the prospect of working with Tencate management and supporting them in the next stage of its development," he noted. (AR)
The consortium has offered exiting Tencate shareholders €24.60 in cash per ordinary share, subject to customary conditions.
The offer price represents a premium of 26.8 per cent to the closing price of July 17, 2015, and a premium of 27.1 per cent to the average closing price for the 12 months prior to and including that date.
According to a Tencate press release, it considers this intended transaction to be a compelling offer for all the Company's stakeholders.
It added that this deal will help Tencate realise its business strategy, allowing it to improve and invest in the existing markets of protective fabrics, advanced composites, advanced armour, geosynthetics and grass.
“And, as part of an effective buy & build strategy, will strengthen these market groups further through acquisitions,” it informed.
With a focussed shareholder consortium as its controlling shareholder base, TenCate will have ample access to liquidity for long term value enhancement of the business.
“This focus on value creation will also benefit commercial relationships through product development and innovations,” Tencate observed.
CEO at Tencate Loek de Vries said, "This offer represents positive news for all stakeholders involved in our company as all will benefit from the longer-term horizon the consortium brings.”
“There is a clear commitment to support our strategy, which means we can invest in our product-market-technology combinations, thereby further strengthening our leading market positions,” Vries too added.
“In addition, we can continue our buy and build approach and we will benefit from the capabilities, experience and financial support of our new shareholder,” he also informed.
Hein Ploegmakers, partner at Gilde said, "Tencate hold leadership positions in a number of high growth and specialised niche markets and we aim to support each of them the best we can.”
“Together with our co-investors, we are delighted at the prospect of working with Tencate management and supporting them in the next stage of its development," he noted. (AR)