Busch group to launch voluntary public tender offer for Pfeiffer Vacuum Technology AG

25-Jan-2017 - Germany

- Cash offer of €96.20 per Pfeiffer Vacuum share

- Tender offer is not contingent on any minimum acceptance threshold

- Busch group expects further growth potential in the vacuum industry

- The two companies will continue to operate under separate management

 Busch SE today announced its intention to make a voluntary public tender offer for all outstanding shares of TecDAX-listed Pfeiffer Vacuum Technologies AG (ISIN: DE0006916604) via its wholly owned subsidiary, the investment company Pangea GmbH. The offer price will be €96.20 per share. The all-cash offer values Pfeiffer Vacuum at approximately €949 million based on equity value. Holders of Pfeiffer Vacuum shares will receive a premium of about  12 percent on the volume-weighted three-month average price of Pfeiffer Vacuum’s shares prior to the announcement. There will be no minimum acceptance threshold. Busch group has already received a firm financing commitment from Landesbank Baden-Württemberg to ensure full funding.  
By making a tender offer, Busch group intends to increase its investment in Pfeiffer Vacuum in the long term. Currently holding 27.19 percent of the shares, the company has secured additional shares that will result in a 29.98 percent stake in Pfeiffer Vacuum when publishing the offer document. Upon successful closing of the offer, Busch group will seek an appropriate representation on Pfeiffer Vacuum’s Supervisory Board, corresponding to its new shareholding. Pfeiffer Vacuum will continue to be listed on the Frankfurt Stock Exchange and exist as an independent enterprise operating under its own separate management.  
“As one of the leading manufacturers, we have known the vacuum industry for decades and are convinced of its potential for further growth. By increasing our stake, our aim is to benefit even better from these opportunities,” Sami Busch, one of the managing partners of Busch group, said. “As a family business, we think in terms of generations. We have already made a substantial investment in Pfeiffer Vacuum which we want to secure in the long term by exceeding the control threshold of 30 percent.”
Busch group has one of the broadest product ranges in the vacuum industry worldwide. The company focuses on industrial vacuum technology, also referred to as low vacuum. In this field, the main applications lie in the packaging and plastics processing industries – with additional processes in the chemical industry. Pfeiffer Vacuum focuses on high vacuum, required, for example, for processes in analytics, research and development and coating. 

The offer document will be published following approval by the German Federal Financial Supervisory Authority (BaFin) and will then be accessible on the following website: www.offerbuschvacuum.com. The acceptance period is expected to last for four weeks, commencing following permission by BaFin. The tender offer is also subject to customary offer conditions, such as obtaining the required clearances from the antitrust authorities. Busch group expects the transaction to be completed in the second quarter of 2017.

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