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Final result of Metso's acquisition of Tamfelt
31 Dec '09
2 min read
According to the final result of the share exchange offer, the shares tendered in the share exchange offer represent 98 percent of all the shares and votes in Tamfelt (including shares already owned by Metso). All of the stock options were tendered in the share exchange offer.
The offer period in the share exchange offer by Metso Corporation for all issued and outstanding shares and stock options of Tamfelt Corp. expired on December 18, 2009. Metso announced on December 21, 2009 that it will complete the share exchange offer, subject only to the amendment to the articles of association of Tamfelt being registered with the Trade Register. The amendment to the articles of association of Tamfelt has been registered with the Trade Register on December 22, 2009.
All the conditions to completion of the share exchange offer have been fulfilled and, consequently, Metso will complete the share exchange offer in accordance with its terms and conditions preliminarily today, December 23, 2009, with respect to all of those holders of shares and stock options of Tamfelt who have validly accepted the share exchange offer and who have not validly withdrawn their acceptance. The completion trades of the shares will be settled preliminarily on December 28, 2009.
Metso's intention is to acquire all the shares of Tamfelt. As Metso has acquired more than nine-tenths (9/10) of all the shares and votes conferred by them, Metso will present to Tamfelt shareholders a redemption demand in accordance with the Finnish Companies Act. Accordingly, those shares which have not been exchanged in the share exchange offer will be redeemed in the manner prescribed in the Finnish Companies Act.
Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries.
Tamfelt is one of the world's leading suppliers of technical textiles. The company's main products are paper machine clothing and filter fabrics. Founded in 1797, the company is one of the pioneers of Finnish industry.
The offer period in the share exchange offer by Metso Corporation for all issued and outstanding shares and stock options of Tamfelt Corp. expired on December 18, 2009. Metso announced on December 21, 2009 that it will complete the share exchange offer, subject only to the amendment to the articles of association of Tamfelt being registered with the Trade Register. The amendment to the articles of association of Tamfelt has been registered with the Trade Register on December 22, 2009.
All the conditions to completion of the share exchange offer have been fulfilled and, consequently, Metso will complete the share exchange offer in accordance with its terms and conditions preliminarily today, December 23, 2009, with respect to all of those holders of shares and stock options of Tamfelt who have validly accepted the share exchange offer and who have not validly withdrawn their acceptance. The completion trades of the shares will be settled preliminarily on December 28, 2009.
Metso's intention is to acquire all the shares of Tamfelt. As Metso has acquired more than nine-tenths (9/10) of all the shares and votes conferred by them, Metso will present to Tamfelt shareholders a redemption demand in accordance with the Finnish Companies Act. Accordingly, those shares which have not been exchanged in the share exchange offer will be redeemed in the manner prescribed in the Finnish Companies Act.
Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries.
Tamfelt is one of the world's leading suppliers of technical textiles. The company's main products are paper machine clothing and filter fabrics. Founded in 1797, the company is one of the pioneers of Finnish industry.
Tamfelt Oyj
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