TNC International
Trading Announce ALV Tender Offer/Rights Offering of $9.00 Per
Share
Released
on: March 8, 2008, 6:33 am
Press
Release Author: TNC International
Industry:
Financial
Press
Release Summary: TNC International Trading has commenced its initial
tender offer for all outstanding shares of ALV Corporation at a
price of $9.00 USD per share net to the seller in cash without interest,
less brokerage fees and less any required withholding taxes or fees.
Press
Release Body: SINGAPORE, March 8, 2008, --
The
Board of Directors of TNC International have unanimously
determined that the tender offer is fair and in the best interests
of ALV shareholders, and recommended that holders of shares of ALV
common stock accept and tender their shares in the offer.
TNC
International has received non-binding acceptances representing
43.7 percent of the outstanding shares of ALV through its initial
tender offer and has declared the offer wholly unconditional.
There
is no financing condition to the tender offer. The tender offer
is subject to certain conditions set forth in the Offer to Purchase
including a minimum share tender condition.
Following
the acceptance for payment of 51% of all outstanding shares in the
tender offer and completion of the transactions contemplated in
the merger agreement, ALV will become a wholly-owned subsidiary
of TNC International Trading and will be broken
up and the assets will be sold at auction.
The
complete terms and conditions of the tender offer are set forth
in the Offer to Purchase,
An
International Acquisition Consortium have contracted TNC
International Trading and filed a Letter of Intent with
the Registration Office to act as the information agent and as disbursing
agent for the tender offer.
The current status of the Initial
Tender Offer is as follows:
62%
of shareholders have committed to tender their shares in the offering
via promissory notes or agreements to sell.
43%
of shareholders have lifted the restrictions and tendered their
shares in the offering and received settlement.
An additional 11% (including a 3%
float) is required to finalize the acquisition.
Unless
the tender offer is finalized, the offer and any withdrawal rights
to which ALV's shareholders may be entitled remains open to additional
acceptances at the same price until further notice.
Any
further information will be disclosed by the information agent as
the acquisition progresses or direct inquiries can be made by email
to the TNC International shareholders register
at:
accounts@tncintl.com
Web
Site: http://www.tncintl.com
Contact
Details: TNC International
Address:
#14 Robinson Rd., 13-00
Far East Finance Bldg.,
Singapore 048545
Phone:
+65-6761-6972
Fax:
+65-6826-4299
Email:
accounts@tncintl.com
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