DGAP-News AKASOL AG: Unanimous recommendation of acceptance of the takeover offer by BorgWarner subsidiary ABBA BidCo AG
DGAP-News: AKASOL AG / Key word(s): Offer/Statement
AKASOL AG: Unanimous recommendation of acceptance of the takeover offer by BorgWarner subsidiary ABBA BidCo AG
- AKASOL Management Board and Supervisory Board welcome and support the offer
- Cooperation with BorgWarner expected to accelerate AKASOL's course of growth
- Clear commitment to workforce, management and locations of AKASOL
- Fair offer price of EUR 120.00 per share with significant premium compared to historical prices
Darmstadt, April 7, 2021 - Today, the Management Board and Supervisory Board of AKASOL AG ("AKASOL;" the "Company;" ISIN DE000A2JNWZ9) published their reasoned opinions on the voluntary public takeover offer by ABBA BidCo AG, a subsidiary of BorgWarner Inc. (together "BorgWarner"). In their statements, the boards welcome and support the offer and recommend the acceptance of the offer to AKASOL's shareholders.
"The Management Board and Supervisory Board of AKASOL AG are in agreement that the merger with BorgWarner is the right step for AKASOL and will permit our Company to make even better use of future global market potentials. With the global trend toward growth in electromobility, and in combination with the benefits of the cooperation with BorgWarner, we have outstanding prospects for expansion that would not have been possible on this scale under the previous structure," AKASOL CEO Sven Schulz explained. BorgWarner pursues a clear and consistent strategy in the field of alternative-drive technologies, and with around 100 locations internationally, it is the right partner for the increasing internationalization of the business. AKASOL is also expected to benefit from the global player's network of suppliers. "Personally, I am highly motivated to continue to lead AKASOL together with our CFO Carsten Bovenschen, all of the founders and the management team, as we actively shape the next successful chapter in our Company's history. Our employees are also looking forward to the change and are highly motivated to actively shape and guide the change," Schulz said. The Darmstadt-based company will continue to exist as a standalone brand.