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Neways, Infestos Agree on Recommended All Cash Offer
June 29, 2021 | Neways Electronics International N.V.Estimated reading time: 1 minute
Neways Electronics International N.V. and Infestos are pleased to announce that a conditional agreement has been reached on a recommended public offer for all of the issued and outstanding ordinary shares in Neways at a price per Share of EUR 14.55 in cash, representing an aggregate equity value of approximately EUR 177.5 million. The Neways management board and supervisory board believe the Offer is in the best interest of Neways and all its stakeholders. The Boards unanimously support the intended Offer and the Transaction and recommend these to the holders of Shares.
Eric Stodel, CEO of Neways, commented, “Infestos is a strong and entrepreneurial investment firm that is well-positioned to support us in realizing our long term ambitions. We continue to develop and grow our market position as a differentiating System Innovator in the EMS market, by moving up the value chain and adding greater value for our customers. We increasingly work in collaboration with our customers to develop new and innovative systems and products, which will lead to sustainable and profitable growth. We will also continue to develop our in-house talent and technological expertise. We are convinced that Infestos is the right partner for this next phase of development. With their expertise they can help us to further accelerate the roll-out of our transition and growth of our business in the years to come, whilst remaining an independent company.”
Henk Scheepers, Chairman of the Supervisory Board of Neways, commented, “We unanimously support the offer as we believe that it will be beneficial to the company and all its stakeholders. With this strong majority shareholder we create a stable governance structure, enabling the company to advance the roll-out of its strategy. The offer reflects a compelling and immediate value for our shareholders, provides additional deal certainty due to the funds already committed and safeguards the interests of both our customers and employees.”
Frank van Roij, Investment Director of Infestos, commented, “We are excited to join Neways in its journey to become a best in class EMS company. We fully support its ‘One Neways’ and ‘System Innovator’ strategy. We believe this strategy can create long-term value whilst Neways remains an independent publicly listed company. With our extensive experience in transitioning and growing strongly positioned technology companies, we are looking forward to working together with Neways on accelerating its journey of profitable growth.”
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