Sandvik announces a recommended public offer to the minority shareholders of Seco Tools
This press release may not be published or distributed, directly or indirectly, to or within jurisdictions where the publication or the distribution would not comply with laws and regulations in such jurisdictions, including the United States, Australia, Hong Kong, Japan, Canada, New Zealand or South Africa. The Offer is not being made to (and acceptances will not be accepted from) persons in or from jurisdictions where the announcement of the Offer or approval of acceptances of the Offer would require further documentation, filings or other measures in addition to those required by Swedish law.
This press release has been published in Swedish and English. In the event of any discrepancy in content between the language versions, the Swedish version shall prevail.
Sandvik AB ("Sandvik") today announces a recommended public offer to acquire all remaining shares in its subsidiary Seco Tools AB ("Seco Tools"), one of the world's largest manufacturers of innovative metal-cutting tools (the "Offer"). For each class B share in Seco Tools, Sandvik offers 1.2 shares in Sandvik. The Offer is part of Sandvik's strategy to continue to strengthen its world-leading position within the new business area Sandvik Machining Solutions. The Offer is recommended by the Board of Directors of Seco Tools. Further, Alecta Pension Insurance and Swedbank Robur Funds, major shareholders of both Seco Tools and Sandvik, are positive towards the Offer.
Sandviken, 7 November 2011
Sandvik Aktiebolag (publ)