ZF received valid acceptances of the Offer in respect of 645,492,685 Hansen Transmissions shares representing approximately 96.32% of the existing issued share capital of Hansen and which ZF may count towards the satisfaction of its acceptance condition.
ZF announced that all of the conditions to the Offer have now been satisfied and that the Offer is hereby declared unconditional in all respects.
The consideration due to accepting Hansen Shareholders and Warrant Holders is expected to be paid on or before 11 October 2011 in respect of acceptances complete in all respects and received not later than 1.00 p.m. on 5 October 2011, or otherwise within 3 US Business Days of the date of receipt of further acceptances which are valid and complete in all respects. ZF will launch the squeeze out process following the final close of the Offer on 20 October 2011. It is expected that the squeeze out process will commence on or around 21 October 2011 and that the squeeze out period will remain open for fifteen business days (with settlement to occur within ten business days thereafter). Business days refer to any day on which the banks in Belgium are open for business.
The announcement and terms of the offer are made available on the ZFwebsite at www.zf.com/hansen-offer and will be available on the Hansen website at www.hansentransmissions.com.
As a result of the successful bid, we drop coverage on Hansen Transmissions.