Saab to make a public offer for HITT

Swedish aerospace and defence company Saab Ab (OMX: SAAB B) and HITT NV (AMS:HITT) said in a joint press release that Saab is intending to make a recommended public takeover bid for the Netherlands-based marine and aviation traffic management and navigation systems provider. The intended bid is an all cash offer of 6.60 Euros per share, a premium of 38% on yesterday’s close, valuing the company at approximately 29.7 million Euros. Altogether 73.6% of HITT shareholders have indicated they intend to accept the offer

Saab aims to become the leading global player in traffic management market and the combined entity will also have a complementary portfolio in Hydrography. HITT also has a global presence, with an office in Beijing and a foothold in India to name a few. The transaction is expected to have a small negative EPS impact for 2012 and 2013 and to swing on the plus side thereafter. Last year HITT ad revenues of 40.7 million Euros and reported a net profit of 3.4 million. At year end, it had 188 employees.