VDL Groep has decided not to raise its bid for Neways to match the offer of Infestos. This means that the irrevocable commitments already received by the industrial conglomerate become void, leaving those shareholders free to sell to the Enschede-based investment firm. VDL hasn’t disclosed whether it will do so itself. Infestos needs the 27.63 percent stake owned by the conglomerate to get to the 85 percent threshold for a squeeze-out bid.
At the end of April, VDL announced its plans to make a public bid on all Neways shares. After careful review, the boards of the Son-based EMS specialist concluded that the proposal insufficiently served their company’s interests. VDL followed through anyway and officially launched its offer, hoping to woo the other shareholders. Instead, one of them, Bernard ten Doeschot, through his investment firm Infestos, put in an offer of his own, not only at a better price but also with the support of Neways.
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