TE Connectivity launched an all cash public tender offer for all publicly held registered shares of Schaffner for CHF 505 (€528, $570) per share. This values the deal at €335m for the 65,000 issued shares.

The Board of Directors unanimously recommended the deal which is also backed by Schaffner’s largest shareholder BURU Holding with 17.2% in Schaffner. Four additional private and institutional shareholders owning 20.3% in Schaffner have now entered into an undertaking to tender all of their shares in Schaffner into the Offer.

The tender offer is subject to customary terms and conditions as well as regulatory approvals and is currently expected to be settled in December 2023.

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Schaffner is a leading developer of filters for electromagnetic compatibility (EMC) in large equipment, heat pumps and automotive. It reported net sales of CHF 84.8 million for the first half of 2022/23, an increase of 7.4% compared with the same period of the previous year at CHF 78.9 million. However the offer of CHF505 is below the peak value of CHF622 in mid 2000.

TE specialises in connectors and sensors and has over 85,000 employees, including over 8,000 engineers, in approximately 140 countries. Both companies are based in Switzerland.

www.te.com; www.schaffner.com

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