Zodiac: Safran's bid reduced.

(CercleFinance.com) - Safran still wants to buy Zodiac Aerospace, but the terms of its offer have been changed significantly.
Unanimously approved by Safran's Board of Directors and the Supervisory Board of the target, the new project will take the form of a takeover bid in cash at a price of 25 euros per share, against 29.47 euros announced previously.

This reduction obviously takes into account Zodiac Aerospace's latest results, but also, without doubt, the high level of resistance from some shareholders, which in particular include TCI Fund.

Safran's management has also made up a subsidiary exchange offer, "capped at 31.4% of Zodiac Aerospace's capital, paid in Safran preference shares, which open up the same rights as the Safran ordinary shares, for a period of 3 years from settlement-delivery".

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