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.
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."