DSV A/S issues definitive notice of final result for Panalpina shares
DSV has released the definitive notice of the final result of the public exchange offer, which was published on May 13, 2019, for all publicly held registered shares of Panalpina Welttransport (Holding) AG.
August 13, 2019: DSV has released the definitive notice of the final result of the public exchange offer, which was published on May 13, 2019, for all publicly held registered shares of Panalpina Welttransport (Holding) AG.
Up to the expiration of the additional acceptance period on August 7, 2019, a total of 23,379,700 Panalpina shares have been tendered into the offer, corresponding to 98.44 percent of all 23,750,000 Panalpina shares listed as of August 7, 2019, and that are the object of the offer.
The offer conditions: (a) Minimum acceptance level, (c) No material adverse effect, (g) Capital increase of DSV and (h) Approval of listing prospectus were satisfied at the end of the extended main offer period. In addition, the offer conditions (b) Merger clearances and other approvals, (d) Repeal of Article 5 para. 2 and Article 12 para. 2 of the articles of association of Panalpina, and (f) Resignation and election of the members of the board of directors of Panalpina have been satisfied since the end of the extended main offer period.
The offer conditions (e) Registration in the share register of Panalpina, (i) Listing of DSV Shares, (j) No adverse resolution of the shareholders' meeting of Panalpina, (k) No prohibition and (l) No obligation to acquire or sell material assets or to incur or repay material indebtedness, according to section B7.1.
Subject to the fulfillment of all offer conditions (or a waiver of their fulfillment) and a deferral of settlement in accordance with section B7 (offer conditions, waiver of offer conditions, duration of offer conditions and deferral of settlement) of the offer prospectus, the settlement is expected to occur on August 19, 2019, after which integration may commence.
