Fairness opinion on TenCate takeover offer

Corporate News -

NIBC issued a fairness opinion on the recent takeover offer for Dutch-based textiles multinational TenCate.

Tennessee Acquisition, a company controlled by a consortium of investors led by Gilde Buy Out Partners, and TenCate announced on 21 July that Tennessee Acquisition made a recommended public offer for all ordinary shares of TenCate at an offer price of EUR 24.60 in cash per share.

TenCate called in NIBC’s M&A team to provide a fairness opinion on the offer to its Supervisory Board. The Executive Board and the Supervisory Board of TenCate unanimously recommend the offer, which represents a premium of 26.8% to the TenCate stock’s closing price of 17 July 2015. The offer values 100% of the issued shares of TenCate at approximately EUR 675 million.

TenCate products are developed, manufactured and sold around the world. Its systems and materials are used in four areas: safety & protection, space & aerospace; infrastructure & environment; sports & recreation. TenCate has leading positions in protective fabrics, composites for space and aerospace, antiballistics, geosynthetics and synthetic turf.

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