Zodiac: postpones interim results; update on Safran bid.
(CercleFinance.com) - On Friday evening Zodiac Aerospace announced the postponement of the publication of its interim accounts, from 20 to 28 April.
This publication will be accompanied by an update on Safran's proposed takeover bid, which is expected to reduce its offer and simplify it.
The aeronautical equipment manufacturer said that this discrepancy is explained by an unusual overload in terms of work relating to the ongoing talks with Safran as part of the planned merger between Safran and Zodiac Aerospace, which was announced on 19 January 2017.
Zodiac Aerospace adds that a "round-up" on the proposed takeover bid will be provided on the publication of its interim results. Remember that after the announcement of the takeover bid “in stages” at 29.47 euros per share, Zodiac had launched a new "warning," which Safran said that it would acknowledge.
This morning, quoting various news agencies, Aurel BGC analysts have reported that "Safran is examining a plan that would reduce the value of its bid on Zodiac, while simplifying it": it would no longer be a takeover bid including cash for the majority of shareholders, followed by a kind of exchange offer that is reserved for family shareholders and two investment funds. Instead, more conventionally, it would be a takeover bid/exchange offer with option.
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