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TE Connectivity Cleared to Acquire Shares of Schaffner Holding

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TE Connectivity Cleared to Acquire Shares of Schaffner Holding

November 20, 2023
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TE Connectivity Cleared to Acquire Shares of Schaffner Holding
TE Connectivity Cleared to Acquire Shares of Schaffner Holding

TE Connectivity Ltd. published the provisional interim result of the public tender offer for all publicly held shares of Schaffner Holding after the end of the offer period. All regulatory clearances for the settlement of the public tender offer have been obtained.

Based on the preliminary figures, 561’187 Schaffner shares were tendered into the offer by the end of the offer period, which represents 89.0% of the Schaffner shares subject to the offer. Taking into account the tendered Schaffner Shares and Schaffner Shares held by persons acting in concert with the offeror, TE Connectivity’s participation amounts to a total of 566’314 Schaffner Shares. This corresponds to a participation of 89.1% percent of the issued share capital and voting rights of Schaffner Holding. TE Connectivity welcomes this strong approval of the Schaffner shareholder base for the tender offer.

Subject to confirmation in the definitive notice of the interim result scheduled for November 16, 2023, TE Connectivity holds Schaffner Shares representing more than 67% of the fully diluted share capital of Schaffner Holding (not taking into account the Schaffner Shares held by Schaffner Holding or its subsidiaries) which means that the minimum acceptance level has been reached. Subject to the fulfillment of certain ongoing offer conditions, TE Connectivity declares the offer to be successful.

The additional acceptance period for the offer begins on November 17, 2023, and is expected to last until November 30, 2023, 4:00 p.m. Swiss time. Schaffner Shares can still be tendered during the additional acceptance period. The tender offer remains subject to customary terms and conditions. Settlement is expected to occur on December 14, 2023.

Following the settlement of the offer and in accordance with the terms and conditions set out in the offer prospectus, dated September 28, 2023, TE Connectivity intends to initiate a squeeze-out procedure and delist the Schaffner Shares from SIX Swiss Exchange.

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