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Cobham confirms Thrane acquisition approach

The unnamed company which Thrane & Thrane recently reported had made an unsolicited offer to buy the Danish antenna manufacturer has been revealed, with Cobham, parent company of Sea Tel, confirming that it has now withdrawn its proposal to acquire the shares of Thrane & Thrane A/S.

Cobham confirmed that it had been in discussion over the last year with the Board of Thrane & Thrane with a view to making a recommended offer for the company.

Its proposal, submitted to Thrane & Thrane on 8 February 2012, was at a price of DKK 420 per share in cash, which it says valued the entire currently issued share capital of the company on a fully diluted basis at approximately DKK 2,418m (approximately US$425m).

Cobham says that the making of such an offer was conditional only on its recommendation by the majority of the Board of Thrane & Thrane and on the Board’s agreement to provide "customary support in order to implement the tender offer process."

Cobham also noted that "the potential offer would have been subject to the standard terms and conditions for such an offer, but with an acceptance condition of only 50.01 per cent of the shares in Thrane & Thrane."

Thrane & Thrane had been identified by Cobham as a potential target as part of a strategy that it says aimed to "build market leadership positions in its strategic business units by investing in technology, particularly with exposure to commercial market segments."

As such, it foresaw significant potential benefits in the combination of its own satcom business with that of Thrane.

Under the acquisition proposal Thrane & Thrane would have continued to have been run by its current management team in Denmark.

Cobham says it was "disappointed" that the Board of Thrane & Thrane was unable to recommend its proposal, and has therefore decided to withdraw its proposal to make an offer for the company, though it also notes that it "reserves the right to reconsider (this) position at any time."

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