Business News
Metso has received all required approvals or permissions from the competition authorities for the share exchange offer for all issued and outstanding shares and stock options of Tamfelt Corp.
Friday 18. December 2009 - Metso Corporation announced on November 5, 2009 that Metso and Tamfelt Corp. agreed to combine their operations through a share exchange. On December 4, 2009, Metso announced that shareholders, whose aggregated ownership in Tamfelt Corp. is more than 66,7 per cent had either accepted or undertaken to accept Metsos exchange offer. This level of acceptances would fulfill the minimum acceptance condition included in the terms and conditions of the share exchange offer.
According to the terms and conditions of the share exchange offer, the share exchange offer remains subject to, inter alia, the receipt of all necessary approvals or permissions from the relevant competition authorities and that possible conditions set forth in such approvals or permissions can be accepted by Metso.
As of the date hereof, Metso has received all necessary approvals or permissions from the relevant competition authorities required for the completion of the share exchange offer on conditions set forth in such approvals or permissions, which are acceptable to Metso.
With the receipt of all necessary approvals or permissions from the relevant competition authorities, all conditions to the share exchange offer have now been satisfied except for the registration of the amendment to the articles of association of Tamfelt with the Trade Register which is expected to take place on December 22, 2009.
The offer period for the share exchange offer began on November 23, 2009 at 9:00 a.m. (Finnish time) and was announced to expire preliminarily on December 18, 2009 at 4:00 p.m.
“We are very pleased with the reception of our exchange offer. I naturally hope that as many of the remaining Tamfelt shareholders as possible will accept our exchange offer. Our intention is to complete the share exchange after the expiration of the original offer period when we can also welcome those Tamfelt shareholders that have accepted the exchange offer as Metso shareholders”, states Jorma Eloranta, President and CEO of Metso”. “We are confident that this transaction will have a positive effect on our competitiveness”.