LONDON (dpa-AFX) - Melrose Plc (MRO.L) announced the launch of its tender offer, through its wholly owned subsidiary, Mintford AG, to buy, for cash, the entire issued ordinary share capital of Elster Group SE (ELT). Elster ADS holders will receive $20.50 per Elster ADS and Elster shareholders will receive $82 per Elster ordinary share not otherwise represented by ADSs that are tendered to Mintford AG.
The $20.50 per Elster ADS to be offered pursuant to the tender offer represents a premium of about 48.6% to the price of an Elster ADS on June 11, 2012, the last business day prior to press speculation that Rembrandt Holdings S.A., Elster's majority shareholder, was considering a sale of its Elster holding, and a premium of approximately 44.3% to the average price of an Elster ADS in the six month period ending on June 11, 2012.
The tender offer is scheduled to expire at midnight, New York City time, on August 8, 2012, unless earlier terminated or extended.
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© 2012 AFX News
