Commucation solutions provider Thrane & Thrane (OMXC: THRAN) said it has received an unsolicited approach from an outside party expressing non-binding interest in acquiring a majority ownership in the company. There are several conditions attached to the approach prior to it becoming binding. The Board of Directors is starting a strategic review to fulfil its fiduciary duties and plans to announce the result of this review by latest on May 14h 2012.
Thrane & Thrane provides means of communication for people outside the realm of traditional communication means with the four market areas being aeronautical, land mobile, maritime and systems. It reported last week on increased sales in its nine months interim report for the period ended on January 31st.
The company received its largest order to date in maritime VSAT market during the quarter and maintained a leading position in FleetBroadband market. Aeronautical market generated 92 million DKK in quarterly sales and systems business area won contracts from English mobile satellite company Inmarsat (LSE: ISAT) and from a Chinese government customer.
Nine month revenues were 778 million DKK with an operating profit of 99 million and net profit of 73 million. For the full financial year the company expects revenue ranging from 1085 to 1135 million DKK with operating margin around 15%. The stock climbed over 25% in today’s trading nearing multi-year highs at a market cap north of two billion DKK. The two largest shareholders at the moment according to the company’s website are Lars Thrane (24%) and Jupiter Asset Management Limited (10.8%).
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