Schaffner heads for best day ever after tender offer from TE Connectivity

Schaffner Holding AG

17/08/2023 09:07

** Schaffner Holding  SAHN.S  shares jump 75.5% and are on
track for their best day ever after connector and sensor maker
TE Connectivity  TEL.N  announced a public tender offer for the
company
    ** TE will launch an all cash public tender offer for all
publicly shares of Schaffner for CHF 505 ($574.12)per share, the
company says in the statement
    ** Schaffner's board of directors unanimously approved the
offer, and its largest individual shareholder owning a stake of
around 17.2% supports the offer, it adds
    ** "We expect to leverage TE's leading position and customer
access in several market segments that are Schaffner’s focus
growth areas," Schaffner's Chairman Markus Heusser says
    ** The offer represents a premium of 74.5% to the
volume-weighted average share price of the last 60 trading days,
and 79.1% to the Schaffner closing share price on 16 Aug 2023,
and a 50.1% premium over the minimum price of CHF 336.4



($1 = 0.8796 Swiss francs)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))