Summary
Parker-Hannifin Corporation (PH) announced on December 8, 2003, that it has entered into an Acquisition Agreement to acquire Denison International plc. The company plans to commence tender offers to purchase all outstanding A ordinary shares and ordinary shares of Denison at a price of $24.00 per share, net in cash. This strategic move signals Parker-Hannifin's intent to expand its operations through inorganic growth by acquiring a company in a potentially complementary business. Significant shareholders of Denison, including certain officers, directors, and other beneficial owners, have entered into tender agreements. These agreements commit them to tendering a substantial portion of their holdings, representing over 90% of the aggregate A Ordinary Shares and approximately 47% of the aggregate Ordinary Shares (including those represented by ADSs) on a fully diluted basis. This significant commitment from key stakeholders suggests a high likelihood of the tender offer's success and provides strong backing for the transaction.
Key Highlights
- 1Parker-Hannifin (PH) to acquire Denison International plc.
- 2Tender offer price set at $24.00 per share, all cash.
- 3Acquisition targets both A ordinary shares and ordinary shares (including ADSs) of Denison.
- 4Key Denison officers, directors, and beneficial owners have agreed to tender over 90% of A Ordinary Shares.
- 5Key Denison shareholders have agreed to tender approximately 47% of Ordinary Shares (including ADSs).
- 6The acquisition is expected to be a significant strategic move for Parker-Hannifin.
- 7Transaction announced on December 8, 2003, with the agreement dated December 7, 2003.