TDK says its wholly-owned subsidiary, EPCOS, a manufacturer of electronic components, modules and systems based in Munich and Tronics, have signed a tender offer agreement pursuant to which EPCOS will launch a public tender offer for all publicly-held shares of Tronics for EUR13.20 (US$14.80) per share.
On a fully-diluted equity value basis, the transaction represents a value of Tronics’ equity of around EUR48.65m This represents a 78.4% premium over Tronics’ closing share price on 7 July, the trading day immediately preceding the stock trading suspension and a 62.1% premium to the volume-weighted average price during the last 60 trading days prior to the suspension.
TDK says the acquisition would allow it to broaden its portfolio of sensor technologies, which currently includes temperature, pressure and magnetic/TMR.
“Tronics gives an immediate entry into the rapidly growing market for inertial sensors,” said TDK SVP Electronic Components Business Company and EPCOS chairman, Joachim Zichlarz.
“The acquisition of Tronics will boost our innovativeness and market strength in one of the future’s most promising and crucial technological fields.
“Following the acquisition of the magnetic sensor manufacturer Micronas, which was announced in December 2015, the acquisition of Tronics represents a logical next step in TDK’s strategy to expand its activities in the sensors area.
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“Moreover, TDK expects strong synergies with its own cutting-edge thin-film and assembly technologies.”