Pankl: Cross Industries Extends Takeover Bid

Pankl: Cross Industries Extends Takeover Bid / Picture: © Pankl

On 4 July 2012, CROSS Motorsport Systems AG (the ”Offeror“) placed a public compulsory offer (the “Bid”) according to section 22 of the Austrian Takeover Act to the shareholders of Pankl Racing Systems AG to buy all shares of Pankl Racing Systems AG which are not held by the Offeror, parties acting in concert with the Offeror and shareholders who issued a binding waiver. The acceptance period ended on 18 July 2012. At the time of publication of the Bid, the Offeror held 1,814,117 shares of Pankl Racing Systems AG; this equalled 57.59% of the share capital of Pankl Racing Systems AG.

Until the end of the acceptance period UniCredit Bank Austria AG, acting as a tender and paying agent, received 63,630 shares of Pankl Racing Systems AG; this equals 2.02% of the share capital of Pankl Racing Systems AG. Thus, the Offeror disposes over 1,877,747 shares of Pankl Racing Systems AG; this equals 59.61% of the share capital of Pankl Racing Systems AG. The offer price of € 18.03 per share will be paid by UniCredit Bank Austria AG, as tender and paying agent, to the shareholders who have accepted the Bid in due time against transfer of the shares at the latest on 1 August 2012.

According to section 19 paragraph 3 of the Austrian Takeover Act the period to accept the Bid for those shareholders, who have not accepted the Bid, is extended by three months from the date of publication of the results. The results have been published on 23 July 2012. Thus, this extended acceptance period ends on 23 October 2012 so that the Bid can be accepted till 23 October 2012.