Stanley’s Niscayah Acquisition Nears Completion
Stanley Black & Decker Inc. announced last week that all of the conditions for completion of its recommended all-cash offer to acquire all shares and warrants in Niscayah Group AB, for SEK 18.00 per share and SEK 0.05 per warrant in cash, have been satisfied. The offer was declared unconditional and will be completed.
For shareholders and/or warrant holders that accepted the offer during the original acceptance period ending Sep. 1, 2011, settlement is expected to commence on Sep.9.
The acceptance period was extended to Sep 23 for those shareholders and/or warrant holders that have not yet submitted their acceptances. Settlement is expected to occur on or around Sep. 30 for this group.
The total of shares purchased since Stanley’s initial offer on June 27 — at the time of writing — represent 95 percent of Niscayah’s outstanding shares.
An competing bid made by Securitas has been officially withdrawn after the Independent Committee of the board of directors of Niscayah unanimously recommended that shareholders do not accept Securitas’ public takeover offer.