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RENK AG: Rebecca BidCo AG determines cash compensation of EUR 105.72 for merger squeeze-out

·2-min read

RENK AG / Key word(s): Squeeze Out
RENK AG: Rebecca BidCo AG determines cash compensation of EUR 105.72 for merger squeeze-out

16-Nov-2020 / 11:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Augsburg, 16 November 2020. Rebecca BidCo AG (formerly: Rebecca BidCo GmbH) („Rebecca BidCo") notified Renk Aktiengesellschaft („RENK") on 7 October 2020 that it holds RENK shares representing more than 90% of RENK's registered share capital, and submitted the request pursuant to Sec. 62 para. 1 und para. 5 of the German Transformation Act (UmwG) in conjunction with Sec. 327a para. 1 sentence 1 of the German Stock Corporation Act (AktG) that RENK's general shareholders' meeting shall resolve to transfer the shares of the remaining shareholders (minority shareholders) to Rebecca BidCo in exchange for an adequate cash compensation in connection with a merger of RENK into Rebecca BidCo (merger squeeze-out - verschmelzungsrechtlicher Squeeze-out).

Today, Rebecca BidCo confirmed to RENK its squeeze-out request and further specified that it has determined the adequate cash compensation pursuant to Sec. 327b para. 1 first sentence AktG at EUR 105.72 per no-par-value bearer share in RENK.

Furthermore, Rebecca BidCo has asked RENK to convoke an extraordinary general meeting for a date within the time period of no more than three months after the execution of the merger agreement between Rebecca BidCo and RENK in order to approve the transfer of the shares held by the minority shareholders of RENK to Rebecca BidCo. The extraordinary general meeting of the company will probably take place near the end of the year 2020.

About RENK: RENK AG is a manufacturer of special gear units and transmissions for tracked vehicles, industrial applications and the shipbuilding industry as well as components for propulsion technology and test systems, supplying customers all over the world. The Company holds a globally leading position for automatic transmissions for tracked vehicles, gear systems for navy vessels and horizontal slide bearings.

Contact:
Mr Florian Hofbauer
CEO

Gögginger Straße 73
86159 Augsburg

+49 (0) 821 5700 215

16-Nov-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

RENK AG

Gögginger Straße 73

86159 Augsburg

Germany

Phone:

0821-5700-266

Fax:

0821-5700-573

E-mail:

winfried.vogl@renk.biz

Internet:

https://www.renk-ag.com

ISIN:

DE0007850000, DE0007850000

WKN:

785000

Listed:

Regulated Market in Munich; Regulated Unofficial Market in Berlin, Frankfurt (Basic Board), Stuttgart

EQS News ID:

1148380


 

End of Announcement

DGAP News Service

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