SCHAFFHAUSEN, Switzerland – July 8, 2019 – TE Connectivity Sensors Germany Holding AG (TE Holding), a wholly owned subsidiary of TE Connectivity Ltd. (NYSE: TEL) (TE), a global industrial technology company with leading positions in connectivity and sensing solutions, today published the offer document for its voluntary public takeover offer for all outstanding shares of First Sensor AG (XTRA: SIS) (First Sensor), a provider of sensing solutions based in Germany (ISIN DE0007201907).
Today’s publishing of the offer document follows TE’s public announcement on June 3, 2019, of its decision to launch the offer for First Sensor AG. The offer price is €28.25 per share in cash. This represents a 31.7% premium to the 3-month volume-weighted average price prior to May 24, 2019, the last trading day before First Sensor confirmed negotiations with TE.
The publication of the offer document marks the beginning of the acceptance period of the offer. The acceptance period will presumably expire on September 2, 2019, at 24.00 hrs local time Frankfurt am Main / 6:00 p.m. local time New York.
The management board and supervisory board of First Sensor welcome and, subject to a review of the offer document, support the offer. Additionally, shareholders representing approximately 67% of the outstanding shares have already agreed to irrevocably tender their shares into the offer. The transaction, including the assumption of First Sensor’s outstanding net debt and minority interest, is valued at approximately €307 million.
Completion of the offer is subject to customary closing conditions as described in the offer document. The offer is not subject to reaching a minimum acceptance threshold. TE expects to complete this acquisition by mid 2020 at the latest. The offer document as well as additional details and documents concerning this transaction may be found at: www.sensor-offer.com.
About First Sensor AG
Founded as a technology start-up in the early 1990s, today, First Sensor is a global player in sensor technology. Based on our know-how in chip design and production as well as microelectronic packaging, standard sensors and customer-specific sensor solutions are developed in the fields of photonics, pressure and advanced electronics for the ever-growing demand in key applications for the target markets of Industrial, Medical and Mobility. The strategy is aimed at profitable growth and focuses on key customers and products, forward integration and strengthening our international presence. First Sensor has been listed on the Frankfurt Stock Exchange since 1999.
TE Connectivity Ltd. (NYSE: TEL) is a $14 billion global technology and manufacturing leader creating a safer, sustainable, productive, and connected future. For more than 75 years, our connectivity and sensor solutions, proven in the harshest environments, have enabled advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With 80,000 employees, including more than 8,000 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS.