TE Connectivity announces public tender offer for Schaffner shares

Schaffner Holding AG / Key word(s): Mergers & Acquisitions TE Connectivity announces public tender offer for Schaffner shares 17-Aug-2023 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR

• TE Connectivity ("TE") today has pre-announced a public tender offer for all publicly held shares in Schaffner Holding AG ("Schaffner") for an offer price of CHF 505 in cash per Schaffner share.
• The offer represents a premium of 74.5% to the volume-weighted average share price of the last 60 trading days and 79.1% to the Schaffner closing share price on 16 August 2023.
• Schaffner's Board of Directors has unanimously approved the offer, and its largest individual shareholder owning a stake of approximately 17.2% supports the offer and is undertaking to tender all of his Schaffner shares into the offer.
• The acquisition will enable TE to add Schaffner’s market-leading EMC filter offerings to its connectivity and sensing portfolio for high-growth industrial and automotive applications.

Schaffhausen/Luterbach, Switzerland – August 17, 2023 – TE Connectivity Ltd. (NYSE: TEL), a global industrial technology company with leading positions in connectivity and sensing solutions, and Schaffner Holding AG (SIX: SAHN), a leader in electromagnetic solutions based in Switzerland, jointly announced today that they have entered into a definitive agreement pursuant to which TE will launch an all cash public tender offer for all publicly held registered shares of Schaffner for CHF 505 per share (the "Offer"). The Offer represents a 79.1% premium over Schaffner’s closing share price on August 16, 2023, the trading day immediately preceding the pre-announcement of the offer, and a 74.5% premium to the volume weighted average price during the last 60 trading days prior to the pre-announcement of the offer and a 50.1% premium over the minimum price of CHF 336.4 as determined by a valuation report of the review body Ernst & Young.