Despite being adamant not to do so, Cobham decided to hike its bid for Thrane & Thrane (OMXC: THRAN) by a few percentages or about 90 million DKK in total. They explain that this is to take into account a dividend that would have been expected in June. This wording obviously gave an easy out from what was turning out to be an unfortunate situation between the British company and Thrane & Thrane founder Lars Thrane. He is now fully on board the higher bid and has made a binding commitment to sell his shares.
The revised offer of 435 DKK per share values the Danish satellite communications company at 2.5 billion DKK. It seems that the Board has been convinced that Cobham aims to keep Thrane & Thrane rooted in Denmark and sees its employees as an asset. It says the existing engineering centre in Denmark will be strengthened further to focus on development of next generation of products.
Showing posts with label THRAN. Show all posts
Showing posts with label THRAN. Show all posts
Friday, 4 May 2012
Wednesday, 11 April 2012
Nordic markets retreat ahead of Q1 2012 earnings releases
Nordic exchanges returned from holidays worried about the macroeconomic numbers. Worries about Spain have been mounting as the Euro zone gears up for the ultimate showdown. Numbers from China were interpreted in a way that strengthened the already dour mood from United States non-farm payrolls miss.
Nordic high beta stock posted ugly numbers with many large cyclical stocks nearing double-digit losses. The gainers were few and far between. Thrane & Thrane (OMXC: THRAN) predictably was among them as Cobham followed up on its recent purchases with a cash offer of DKK 420 for each share.
Norsk Hydro's (OSE: NHY) peer Alcoa kick-started earnings season across the pond with better than expected numbers after market close. The American aluminium company maintained its expectations for global aluminium demand growth of 7% and a supply deficit for 2012.
Svenska Cellulosa Aktiebolaget (OMX: SCA B) added another 4.9% of the shares in leading Chinese tissue company Vinda into its holdings with about 600 million SEK purchase subject to consent from Vinda’s lenders. The seller was a company called Fu An, which is owned by the Chairman of Vinda Li Chao Wang. The transaction was done at a 22% premium on Vinda’s (SEHK: 3331) Tuesday closing price. SCA’s stake following the transaction will be 22.61% while Fu An remains the largest shareholder.
Nordic high beta stock posted ugly numbers with many large cyclical stocks nearing double-digit losses. The gainers were few and far between. Thrane & Thrane (OMXC: THRAN) predictably was among them as Cobham followed up on its recent purchases with a cash offer of DKK 420 for each share.
Norsk Hydro's (OSE: NHY) peer Alcoa kick-started earnings season across the pond with better than expected numbers after market close. The American aluminium company maintained its expectations for global aluminium demand growth of 7% and a supply deficit for 2012.
Svenska Cellulosa Aktiebolaget (OMX: SCA B) added another 4.9% of the shares in leading Chinese tissue company Vinda into its holdings with about 600 million SEK purchase subject to consent from Vinda’s lenders. The seller was a company called Fu An, which is owned by the Chairman of Vinda Li Chao Wang. The transaction was done at a 22% premium on Vinda’s (SEHK: 3331) Tuesday closing price. SCA’s stake following the transaction will be 22.61% while Fu An remains the largest shareholder.
Monday, 9 April 2012
Cobham snatches over a quarter of Thrane & Thrane shares
Cobham plc, which said around a month ago that it had withdrawn its bid for Thrane & Thrane A/S (OMXC: THRAN), said in a release on Thursday that it has purchased about 25.6% of the shares in the Danish satellite communications company from Jupiter Asset Management and other institutional investors. Cobham initially withdrew its bid since Thrane & Thrane’s Board did not support the takeover.
Since then the Chairman Waldemar Schmidt has resigned over disagreement concerning the company’s future. Cobham said that a number of Thrane & Thrane shareholders had approached Cobham with the intent on selling their shares following the resignation of Schmidt. These deals were done at the originally suggested price of 420 DKK. Thrane & Thrane closed at 389 DKK on Wednesday going into Easter holidays.
Thrane & Thrane send a press release this morning, saying that strategic analysis is continuing and the results shall be released no later than May 14th. The purchase gives Cobham a slightly larger amount of shares than that of the 24% held by founder Lars Thrane.
Since then the Chairman Waldemar Schmidt has resigned over disagreement concerning the company’s future. Cobham said that a number of Thrane & Thrane shareholders had approached Cobham with the intent on selling their shares following the resignation of Schmidt. These deals were done at the originally suggested price of 420 DKK. Thrane & Thrane closed at 389 DKK on Wednesday going into Easter holidays.
Thrane & Thrane send a press release this morning, saying that strategic analysis is continuing and the results shall be released no later than May 14th. The purchase gives Cobham a slightly larger amount of shares than that of the 24% held by founder Lars Thrane.
Tuesday, 13 March 2012
The mystery party interested Thrane & Thrane withdraws its proposal
Cobham plc (LSE: COB) announced that they were behind a proposal given to the Board of Directors of Thrane & Thrane (OMXC: THRAN) in February. Cobham had been aiming to make a recommended offer for the company. Thrane & Thrane admitted that this was the issue referred to in the February 27 stock exchange release talking of unsolicitated interest in the company.
Cobham said it had been discussing with Thrane & Thrane’s board over the last year and had submitted a 420 DKK per share conditional offer subject to recommendation and support by the majority of Thrane & Thrane’s Board. Cobham said it regrets to note that Thrane & Thrane’s Board has felt unable to recommend its proposal and has therefore decided to withdraw it. Thrane & Thrane said in its release, that like it said on February 27th, it has started a strategic review of its options and expects to conclude that by May 14th.
The bid would have had an acceptance condition of merely 50.01%. Cobham retains the right to reconsider its position. The British company said that they had envisioned nice synergy benefits from combining its SATCOM business with Thrane & Thrane. They also said the aim would have been to continue to run Thrane & Thrane as an independent company under the current management.
Cobham, which is a large aerospace firm and a defence contractor, would like to have more exposure towards commercial market segments. Thrane & Thrane retreated over 7% to close at 371 DKK on the news. That is still far above where it started from on February 27th. Considering there are certain discrepancies in the releases from the two companies, it will be interesting to see what else is on the table.
Cobham said it had been discussing with Thrane & Thrane’s board over the last year and had submitted a 420 DKK per share conditional offer subject to recommendation and support by the majority of Thrane & Thrane’s Board. Cobham said it regrets to note that Thrane & Thrane’s Board has felt unable to recommend its proposal and has therefore decided to withdraw it. Thrane & Thrane said in its release, that like it said on February 27th, it has started a strategic review of its options and expects to conclude that by May 14th.
The bid would have had an acceptance condition of merely 50.01%. Cobham retains the right to reconsider its position. The British company said that they had envisioned nice synergy benefits from combining its SATCOM business with Thrane & Thrane. They also said the aim would have been to continue to run Thrane & Thrane as an independent company under the current management.
Cobham, which is a large aerospace firm and a defence contractor, would like to have more exposure towards commercial market segments. Thrane & Thrane retreated over 7% to close at 371 DKK on the news. That is still far above where it started from on February 27th. Considering there are certain discrepancies in the releases from the two companies, it will be interesting to see what else is on the table.
Monday, 27 February 2012
Unsolicited interest in Thrane & Thrane
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%).
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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