European rental giant Cramo Plc announced that it has received indications of interest regarding a potential voluntary cash tender offer for all of its outstanding shares. Cramo is currently evaluating its strategic alternatives.
Cramo is currently in advanced negotiations concerning the potential tender offer. If negotiations concerning the offer are successful, Cramo expects that a voluntary cash tender offer for all of the outstanding shares in Cramo would be made at an offer price of €13.25 per share. The potential tender offer would be subject to customary conditions, including required authority approvals. In Cramo's understanding, the potential offeror would, upon the announcement of the potential tender offer, have the sufficient financial means required.
Cramo emphasizes that there is no certainty regarding the outcome of the negotiations concerning the offer or as to the terms on which any offer might proceed. Cramo will disclose further information as and when appropriate.
For the first nine months of the year, Cramo posted €455.9 (459.5) million, a year-over-year 0.8-percent decline. In the third quarter, the company reported €154.4 million in revenue, compared to €159.6 in the third quarter of 2018, a 3.2-percent slide. In early June, Cramo’s competitor Ramirent reached an agreement to be acquired by France’s Loxam, Europe’s largest rental company. Both Cramo and Ramirent are headquartered in Vantaa, Finland, near Helsinki.
Although rumors are rampant, Cramo gave no indication about who is the potential acquirer it is negotiating with.
