News Flash

Belgium's Tessenderlo acquires 100% of Picanol's shares

10 Mar '23

2 min read

Pic: Picanol Group

Belgium-based Tessenderlo Group has announced that during the final acceptance period of the public exchange offer, 90,695 shares of Picanol Group have been tendered to the exchange offer. Since the bid was reopened as a simplified squeeze-out offer, the remaining shares of Picanol that have not been tendered in the exchange offer prior to closing of the final acceptance period are being transferred to the bidder by force of law. As a result, Tessenderlo now controls 100 per cent of the shares in Picanol.

The offer price, consisting of the new shares in Tessenderlo Group and the cash consideration for the fractions of the new shares, will be made payable on March 17, 2023. The new shares will be listed on Euronext Brussels on or about March 17, 2023, Tessenderlo and Picanol said in a joint press release.

The shareholders that have not tendered their shares in Picanol during the final acceptance period will have to request the payment of the offer price for their shares at the Deposit and Consignment Office. The new shares and the cash consideration for the fractions of the new shares required to pay the offer price for these Picanol shares will be deposited with the Deposit and Consignment Office for the benefit of the former owners of such Picanol shares.

Following the closure of the final acceptance period of the exchange offer on March 3, 2023, Euronext has proceeded to the delisting of the Picanol shares after close of trading.

Fibre2Fashion News Desk (NB)

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