Way clear for Thrane & Thrane takeover by Cobham

The latest offer has been revised from an earlier tender, announced in April, offering an additional DKK15 per share, representing a valuation of Thrane & Thrane at about £275 million, a 2.69% increase over the Initial offer.

Cobham reports that Lars Thrane, founder and member of the board of management and board of directors of Thrane & Thrane, has entered into a binding irrevocable undertaking to accept the revised offer in relation to his holding of 22.7% of the company. The other members of the board of Thrane & Thrane have entered into an undertaking to accept the revised offer in relation of their individual holdings. This means that Cobham now owns or has received undertakings in respect of 47.4% of Thrane & Thrane.

The board of Thrane & Thrane has undertaken to Cobham to recommend the revised offer to its shareholders.

John Devaney, Cobham’s Executive Chairman said: “We are very pleased that, by increasing our offer to take account of the dividend for the year now ended, we have reached agreement with the Board of Thrane & Thrane. Their recommendation will allow us to move quickly, and with certainty, with the integration of Thrane & Thrane into the Cobham group. We believe that this is an outstanding opportunity to bring together two world-class, highly complementary, commercially focused satcom businesses and is in line with our aim of prioritising investment that will bring more balance between our defence/security and commercial markets.”

Cobham has been active in the satcom market for many years and has worked with Thrane & Thrane during this time and has been in discussions with it over the last year with a view to a combination of the two businesses. In the maritime sector, Cobham also owns SeaTel, acquired in 2003.