Cobham retracts 273 million pound offer for Thrane & Thrane

Cobham, global aerospace and defence technology systems company, has retracted its £273 million offer for Thrane & Thrane.

The ‘disappointing’ result followed the board of Thrane & Thrane’s decision not to recommend Cobham’s proposal, which would have given the latter significant benefits in combining its SATCOM business with the strengths of the Danish satellite and radio equipment manufacturer.

The proposal, submitted to Thrane & Thrane on 8 February 2012, was at a price of DKK420 per share in cash valuing the entire currently issued share capital of the Company on a fully diluted basis at approximately DKK2,418m (£273m).
 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’s strategy is to build market leadership positions in its strategic business units by investing in technology, particularly with exposure to commercial market segments, and it has identified Thrane & Thrane – which according to Thomson Reuters data has a market value of £255 million - as one such potential target. Cobham’s proposal envisaged that Thrane & Thrane would continue to be run by its current management team in Denmark. It would become one of Cobham’s principal global businesses and a focus for future investment.

A statement issued by Cobham said:
“Cobham was disappointed to note that the Board of Thrane & Thrane has felt unable to recommend its proposal.  Cobham has therefore decided to withdraw its proposal to make an offer for Thrane & Thrane. Cobham reserves the right to reconsider its position at any time.”


Thrane & Thrane has been selected as supplier for Imtech Marine's Sailor 900 VSAT

Meanwhile, Thrane & Thrane is strengthening existing business ties. Mobile satellite communications service company, Imtech Marine has announced Thrane & Thrane has been selected as supplier for Sailor 900 VSAT and Sat TV.

Eric van den Adel, Managing Director of Imtech Marine said:
“We have chosen a selected number of suppliers with whom we are proud to have a strategic long-term partnership.

"The VSAT connection is part of an integrated service and maintenance infrastructure which enables remote monitoring and maintenance. This service takes place via our 24/7 service desks in Rotterdam, Houston and Singapore. In line with our strategy, we are the connectivity and maintenance partner for our clients throughout the total life cycle of their ship, during construction, retrofit and throughout the operational phase by maintenance and repair.”

Related Links

Thrane & Thrane Profile | Thrane & Thrane Website
Cobham Website
Imtech Marine Profile | Imtech Marine Website

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