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DGAP-News: AKASOL AG / Key word(s): Offer/Merger
Takeover process successfully closed: BorgWarner acquires 89 percent of AKASOL
Darmstadt, 4 June 2021 - Shareholders of AKASOL AG ("AKASOL" or the "Company"; ISIN DE000A2JNWZ9) have accepted the voluntary public takeover offer by ABBA BidCo AG, a subsidiary of BorgWarner Inc. (collectively "BorgWarner"), after the extended acceptance period expired with an acceptance rate of 89.08 percent of the AKASOL shares outstanding. The minimum acceptance threshold of 50 percent plus one share was thus clearly exceeded. In the partnership with BorgWarner, AKASOL's management team looks forward to approaching the next steps of the Company's expansion with even more energy.
"Nearly four months ago, BorgWarner and AKASOL announced their joint plans for the future and the takeover offer. Now we have reached a significant milestone with the completion of the offer. We members of the Management Board of AKASOL consider the high acceptance rate to be a sign that the offer to AKASOL shareholders was made at a reasonable price. We are looking forward to now beginning our cooperation with BorgWarner in the new shareholder structure. We will develop a sustainable strategy to seek to realize AKASOL's growth potential in Europe, North and South America," said Sven Schulz, CEO of AKASOL AG.
"With BorgWarner as a strong partner on our side, we believe AKASOL is well positioned to successfully realize the dynamic growth that we expect as our expansion course continues to gain momentum. For the current year, we can look back on a good first quarter. As announced on Monday, AKASOL was able to triple Q1 revenues compared to 2020 to EUR 24 million and achieved a positive EBITDA. For the full year, we consider an increase in revenue of up to 50% compared to 2020 as possible," added Carsten Bovenschen, CFO of AKASOL AG.
On May 10, 2021, BorgWarner had already announced on the website abba-angebot.de that all conditions of the takeover offer had been met, including the necessary regulatory approvals.
The purchase price in the amount of EUR 120.00 per tendered AKASOL share is expected to be settled today, 4 June 2021.
It is expressly pointed out that only the reasoned opinions of the Management Board and Supervisory Board are authoritative. The information contained in this press release does not constitute an elaboration on or a supplement to the statements made in the announcements.
AKASOL is a leading German developer and manufacturer of high-energy and high-performance lithium-ion battery systems for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as in ships and boats. With 30 years of experience, AKASOL is a pioneer in the development and manufacture of lithium-ion battery systems for commercial applications. Shares of AKASOL AG stock have been traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 29, 2018.
Statements contained herein could be deemed to constitute what are referred to as "forward-looking statements." Forward-looking statements are identifiable by the use of words such as "could," "will," "should," "plans," "expects," "anticipates," "estimates," "believes," "intends," "envisages," "aims" or the negative form of these terms, or corresponding modifications and comparable terms.
Based on current expectations, forward-looking statements involve a number of known and unknown risks, uncertainties and other factors as a consequence of which actual results, degrees of capacity utilization, developments and successes achieved by the AKASOL, or on the part of the branch of industry in which AKASOL operates, might turn out to be materially different from the results contained or implied herein. The faith placed in forward-looking statements should not be unreasonably high. AKASOL will not update or review any forward-looking statements published herein in light of new information, future events or for any other reason.
04.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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