Cicor shareholder OEP raises stake, triggering mandatory takeover offer

Cicor Technologies

29/11/2024 06:33

ZURICH, Nov 29 (Reuters) - Switzerland's Cicor said on
Friday its major shareholder OEP had raised its stake in the
company, triggering a mandatory public takeover which is
currently not expected to lead to an out-and-out acquisition.
    OEP has converted its mandatory convertible notes, which
will give it 41.01% of Cicor's shares and hence obliges it to
make a takeover offer within two months, Cicor said.
    Cicor said it understood OEP intends to make the mandatory
offer at or close to the minimum price, noting that OEP has
indicated it does not intend to take over Cicor completely.
    The conversion of the mandatory convertible bond serves
solely to simplify Cicor's capital structure, it added.
    The board of directors will review the offer and, from
today's perspective, recommend rejecting it. But the final
decision and reporting on this remain reserved, Cicor said.
    Cicor provides full-cycle electronic solutions from research
and development to manufacturing and supply chain management,
and has about 3,350 employees in total.

 (Writing by Dave Graham, Editing by Rachel More)
 ((dave.graham@thomsonreuters.com; Reuters Messaging:
dave.graham.thomsonreuters.com@reuters.net))