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April 12, 2013
07:50 EDTSHSDanfoss completes Sauer-Danfoss tender offer; acquisition to be completed today
Danfoss A/S announced that its tender offer to purchase all the issued and outstanding shares of Sauer-Danfoss not already owned by Danfoss for $58.50 per share in cash was successful. The tender offer expired on April 11. The completion of the tender offer is the first step in Danfoss' two-step acquisition of Sauer-Danfoss pursuant to the previously announced merger agreement among Sauer-Danfoss, Danfoss and Danfoss' wholly owned subsidiary, Danfoss Acquisition. Danfoss intends to complete the second and final step of the acquisition, a short-form merger under Delaware law, later today. In the short-form merger, Danfoss Acquisition will merge with and into Sauer-Danfoss and each share of Sauer-Danfoss common stock not tendered in the tender offer, other than those as to which holders exercise appraisal rights under Delaware law and those held by Danfoss or Sauer-Danfoss or their respective wholly owned subsidiaries, will be converted into the right to receive $58.50 per share in cash, without interest and less any required withholding taxes.
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