TOULOUSE, France--(BUSINESS WIRE)--Regulatory News:
Latécoère (Paris:LAT), a tier 1 partner to major international aircraft manufacturers, acknowledges the intention of Searchlight Capital Partners (Searchlight) to launch a voluntary cash tender offer on the securities of the Company, as announced on June 28, 2019, at a price of €3.85 per share.
This tender offer would be filed with the French financial market authority (AMF) in Q3 2019 following the issuance by the Board of Directors of Latécoère of a reasoned opinion on the contemplated offer.
The Company acknowledges that:
- the intention is to file the tender offer during Q3 2019;
- the cash tender offer remains subject to regulatory and administrative approvals, including the American "CFIUS" procedure and the authorization of the Ministry of Economy for foreign investments in France, as well as the required merger control authorizations, in particular in Germany.
The Company also acknowledges that Searchlight expressed its support in the management team and in the Company’s strategy.
The Company reminds that on June 26, 2019, Ralf Ackermann, Helen Lee Bouygues and Grégoire Huttner were coopted as members of the Board of directors of the Company representing Searchlight, following the acquisition by certain funds managed by Searchlight of a stake representing circa 26% of the share capital of the Company. The Board of directors, under these circumstances, intends to appoint at very short notice an independent expert in charge of assessing the financial terms of the offer and an ad hoc committee in charge of supervising the process and organizing the exchanges between the independent expert and the Company’s counsels.
A process of information-consultation of the employees’ representative bodies will also be implemented.
The Board of directors of the Company will issue its reasoned opinion after the issuance of the report of the independent expert and the opinion of the employees’ representative bodies.
Latécoère is a tier 1 partner to major international aircraft manufacturers (Airbus, Embraer, Dassault, Boeing and Bombardier), in all segments of the aeronautical market (commercial, regional, corporate and military aircraft), specializing in two fields:
- Aerostructures (58% of total revenue): fuselage sections and doors.
- Interconnexion systems (42% of total revenue): onboard wiring, electrical harnesses and avionics bays.
At 31 December 2018, Latécoère employed 4,958 people in 13 different countries. Latécoère, a French corporation (société anonyme) with capital of €190,337,036 divided into 95,168,518 shares with a par value of €2 per share, is listed on Euronext Paris - Compartment B. ISIN codes: FR0000032278 - Reuters: LAEP.PA - Bloomberg: LAT.FP