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Palfinger ends TTS takeover

August 15 - The Austrian company Palfinger Marine has terminated its attempt to acquire all the shares in Norway, Bergen-based TTS Group.

In an official statement, Palfinger said that as of August 12, 2016 (the end of the acceptance period for the bid) it had not received acceptance for over 90 percent of TTS shares on a fully diluted basis.

As reported by HLPFI - http://www.heavyliftpfi.com/news/palfinger-to-buy-tts.html - when the potential deal was announced in June, Palfinger said it would acquire all the shares in TTS Group for a price of NOK5.6 (USD0.68) per share, valuing the Norwegian company at around NOK600 million (USD73.0 million).

The TTS Group board of directors had unanimously resolved to recommend that its shareholders accept the offer.

- This means that the strategic process which was announced 12th February 2015 has come to an end. In the coming months, we will focus on refining our strategy and action plans for 2017 and beyond. Our fully committed TTS colleagues possess unique competence and knowledge and I am sure that they will do their very best to fulfill TTS Group's potential. The world economy indicates some rough seas ahead, which makes it even more important than ever to focus on good work processes and efficient value chains, says Eidesvik.

Toril Eidesvik, ceo of TTS Group stated: "We are surprised that the transaction will not be completed. We will now fully concentrate our energy on executing our stand-alone strategy. Short term focus will be on operational efficiency."

www.ttsgroup.com

www.palfinger.com

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