Loxam SAS successfully completes the tender offer on Ramirent
Loxam SAS (Loxam) launched on June 19, 2019 a voluntary recommended public cash tender offer to purchase all of the issued and outstanding shares of Ramirent Plc (Ramirent). The acceptance period under the tender offer started on June 19, 2019 at 9:30 a.m. (Finnish time) and expired on July 18, 2019 at 4:00 p.m. (Finnish time).
According to the final results, the shares validly tendered in the tender offer represent 96.25% of all the issued and outstanding shares and votes in Ramirent, which fulfills the minimum acceptance condition of the offer. As all other conditions to completion are also fulfilled or waived, Loxam is pleased to announce that it will complete its tender offer on Ramirent.
With combined revenue of EUR 2.3 billion, a branch network of over 1,000 branches in Europe, and a diversified fleet of more than 600,000 units, the acquisition of Ramirent by Loxam creates a pan-European equipment rental leader established on a clear industrial logic. The new group will be more diversified in terms of customer base and business mix, and will benefit from the right balance between mature markets and growth markets. The combined entity will thereby strengthen its presence within the fragmented European market.
Commenting on the final results of the tender offer Gérard Déprez, President & CEO of Loxam
“Loxam is pleased to officially announce that its offer to acquire Ramirent has been successful. Ramirent and Loxam will now join forces to build a pan-European leader in the equipment rental business, a financially resilient, highly complementary and geographically balanced business that can better serve its clients through its enhanced scale. I am very much looking forward to working closely with the talented and experienced management team and employees of Ramirent, and I welcome them in the Loxam Group.”
The settlement of tendered shares and the offer consideration will be paid to the shareholders who have validly accepted the tender offer on or about July 24, 2019.
In order to give the remaining shareholders the opportunity to accept the tender offer, Loxam has decided to commence a subsequent offer period in accordance with the terms and conditions of the tender offer. The subsequent offer period will commence on July 24, 2019 at 9:30 a.m. and expire on August 8, 2019 at 4:00 p.m. (Finnish time).
As Loxam’s ownership in Ramirent has exceeded 90% of the shares and voting rights in Ramirent after the settlement of the shares tendered in the tender offer, Loxam intends to initiate compulsory redemption proceedings for the remaining Ramirent shares under the Finnish Companies Act.
Loxam was advised by Deutsche Bank AG as lead financial advisor and Handelsbanken Capital Markets as financial advisor in connection with the tender offer. Handelsbanken Capital Markets acted as the arranger of the tender offer.
Cleary, Gottlieb Steen & Hamilton LLP and Roschier, Attorneys Ltd. acted as legal advisors to Loxam in connection with the tender offer.
Lazard was the financial advisor for Ramirent and Hannes Snellman Attorneys Ltd acted as the legal advisor in connection with the tender offer.
