Midea publishes offer document for the public takeover offer for KUKA AG
Today, MECCA International (BVI) Limited, a wholly-owned subsidiary of the Midea Group Co., Ltd. (“Midea”), published the offer document for the public takeover offer for KUKA Aktiengesellschaft (“KUKA”)
June 16, 2016
As announced on 18 May 2016, the takeover offer will be made as a cash offer at a price of EUR 115.00 per KUKA share and is addressed to all shareholders of KUKA. The publication of the offer document marks the start of the four-week period during which KUKA shareholders can accept the offer by Midea.
With the offer document, Midea affirms its previously announced commitments. Specifically, Midea commits to support KUKA with the implementation of its existing strategy and to promote its further growth, to respect the company’s intellectual property and to maintain the headquarters in Augsburg as well as the current workforce. Furthermore, Midea does neither strive for a domination agreement nor a delisting.
KUKA’s Executive Board has acknowledged the offer document and is now reviewing it.
Dr. Till Reuter, KUKA’s Chief Executive Officer, commented: “We will now start negotiations with Midea. It will be crucial that we hold a binding contract in our hands at the end which secures the interests of our company, our shareholders, customers and employees in the long run.”
Once the Executive Board and the Supervisory Board have completed their careful review pursuant to Section 27 German Takeover Act (WpÜG), they will submit a reasoned opinion to the shareholders of KUKA.
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