Schaeffler Publishes Document For Public Tender Offer For Vitesco Shares

(RTTNews) - Schaeffler AG (SCFLF.OB) published the offer document for the voluntary public tender offer for all outstanding shares in Vitesco Technologies Group AG. Under the offer, Vitesco shareholders can accept the offer and tender their shares to Schaeffler for a cash consideration in the amount of 91 euros per share. Vitesco shareholders have the choice of tendering their shares or benefiting from the projected significant synergies by retaining their shares until the planned merger with Schaeffler. The acceptance period ends on December 15, 2023. Schaeffler expects the tender offer to be closed in early January 2024.

The tender offer is the first step of a three-step overall transaction leading to a merger of Vitesco into Schaeffler and creating a Motion Technology Company. Following the end of the acceptance period, Schaeffler's Executive Board plans to convene an extraordinary shareholders' meeting and a separate meeting of the non-voting shareholders as the second step. The completion of the overall transaction is anticipated to take place in the fourth quarter of 2024.