(CercleFinance.com) – Advantech announced on Monday its intention to file a proposed public buyout offer for the manufacturer of touchscreen point-of-sale terminals Aures, whose shares were suspended on the Paris Stock Exchange.
The industrial group indicates that it has entered into exclusive negotiations with Aures and its founder and main shareholder Patrick Cathala with a view to financing which should take the form of the acquisition of a block of shares.
The operation should consist of the issue of new convertible bonds for the benefit of Advantech, offered in two tranches of respectively 2.5 million shares.
This transaction must be accompanied by the off-market acquisition by Advantech of all 1.4 million existing shares held by Patrick Cathala at a unit price of 6.31 euros.
This will then be followed by a proposed compulsory public purchase offer in cash on all Aures shares not yet held by Advantech, at the same price of 6.31 euros.
This price represents a premium of approximately 63% of the closing price of Aures shares on April 17 (i.e. 3.87 euros).
In the event that the threshold of 90% of the capital and voting rights is crossed at the end of the offer, Advantech would request the implementation of a delisting procedure.