Proposed public tender offer followed by a squeeze-out on the shares of Technofan
Technofan was acquired in 1989 by Labinal, itself acquired by Snecma in 2000. Since the merger of Snecma and Sagem in 2005, Technofan is controlled by Safran. Since the last acquisition of Technofan securities on the market by Safran on 11 April 2012 (see AMF notification n°212C0525 dated 20 April 2012), Safran raised its ownership to 598,663 shares, representing 95.15% of the share capital and voting rights of Technofan.
In view of the low liquidity of the Technofan shares, the absence of call to the market prospects as well as the formalities associated with the listing, Safran considered that the listing of Technofan on the market of Euronext in Paris is no longer justified. Therefore, Safran decided to initiate a proposed public tender offer followed by a squeeze-out (the « Offer ») on all of the issued and outstanding Technofan shares not held by Safran at the date of the filing of the proposed Offer, at a price of 245 euros per Technofan share.
Minority shareholders will be given the opportunity to benefit from a total and immediate liquidity of their shares.
In accordance with the applicable regulation, the firm Ledouble was appointed as independent appraiser to assess the financial conditions of the Offer and issue a fairness opinion.
The Offer and the proposed Offer document, jointly prepared by Safran and Technofan, have been filed today with the French Financial markets authority (Autorité des marchés financiers).
Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defence and Security. Operating worldwide, the Group has 70,000 employees and generated sales of 17.4 billion euros in 2015. Working independently or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of more than 2 billion euros in 2014. Safran is listed on Euronext Paris and is part of the CAC40 index, as well as the Euro Stoxx 50 European index. Technofan is specialized in the design and manufacture of ventilation equipment and systems. The company is the world leader in variable frequency technology. It designs and manufactures products for the civil and military aviation (commercial and regional aircraft, business jets, helicopters, military aircrafts and tanks). Technofan is registered office is located in Blagnac, France. Technofan is part of Safran Electrical & Power
For more information : www.safran-group.com and www.technofan.com / Follow @Safran on Twitter