09.03.2010 14:27:00
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Special Committee of the Board of Sauer-Danfoss Inc. Confirms Intention of Danfoss A/S to Commence Tender Offer on March 10, 2010, for $13.25 Per Share in Cash
The Special Committee of the board of directors of Sauer-Danfoss Inc. (NYSE: SHS) today acknowledged that Danfoss A/S ("Danfoss”) has announced its intention to commence a cash tender offer (the "Offer”) on Wednesday, March 10, 2010, for all the issued and outstanding common stock of Sauer-Danfoss not already owned by Danfoss for $13.25 per share.
The Special Committee also confirmed that it has determined, based on written assurances from Danfoss that the Offer will be made at the price of $13.25 per share, and on the other terms and conditions set forth in the Offer to Purchase, a copy of which has been provided to and reviewed by representatives of the Special Committee, to recommend to the stockholders of Sauer-Danfoss (other than Danfoss and its affiliates) that they accept the Offer and tender their shares pursuant to the Offer.
The offer price is an increase from the initial offer price of $10.10 per share announced by Danfoss on December 22, 2009. Danfoss and its subsidiaries currently own a stake of approximately 75.7% in Sauer-Danfoss.
The Special Committee will respond to the Offer after it is commenced in accordance with applicable law. Stockholders of Sauer-Danfoss are advised to take no action with respect to the Offer until the Special Committee has formally responded to it.
Lazard is serving as financial advisor to the Special Committee and Kirkland & Ellis LLP is its legal advisor.
About Sauer-Danfoss
Sauer-Danfoss Inc. is a worldwide leader in the design, manufacture, and sale of engineered hydraulic, electric and electronic systems and components for use primarily in applications of mobile equipment. Sauer-Danfoss, with 2009 revenues of approximately $1.2 billion, has sales, manufacturing, and engineering capabilities in Europe, the Americas, and the Asia-Pacific region.
More details online at www.sauer-danfoss.com.
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