Methode Announces Preliminary Results of Subsequent Offer for Shares of Nordic Lights Group Corporation
09 Maio 2023 - 5:05PM
Methode Electronics, Inc. (NYSE: MEI), a leading
global supplier of custom-engineered solutions for user interface,
LED lighting system and power distribution applications, announced
that, the subsequent offer period for its public tender offer for
all the remaining outstanding shares of Nordic Lights Group
Corporation, which commenced on April 24, 2023, has expired as of
May 8, 2023, and the preliminary results are:
- 1,400,517 shares were validly tendered during the subsequent
offer period representing approximately 6.7 percent of the share
capital of Nordic Lights; and
- together with the shares validly
tendered during the original offer period (which expired on April
14, 2023) and which have otherwise since been acquired by Methode,
this represents approximately 98.9 percent of the share capital of
Nordic Lights.
Methode expects to confirm the final results of
the subsequent offer on May 11, 2023, and to settle the
consideration due to tendering shareholders on May 12, 2023. As
previously announced, Methode intends to acquire all of the
outstanding shares of Nordic Lights by way of compulsory redemption
proceedings under Finnish law and apply for its delisting from
Nasdaq First North Growth Market Finland as soon as reasonably
practicable.
Nordic Lights is a premium provider of
high-quality lighting solutions for heavy-duty equipment that
focuses on five end-user segments: mining, construction, forestry,
agriculture and material handling. They manufacture lights for
three main application areas: work lights, driving lights and
signal lights.
Moelis & Company LLC acted as exclusive
financial advisor to Methode. Wachtell, Lipton, Rosen & Katz,
together with Hannes Snellman Attorneys Ltd served as Methode’s
outside legal co-counsel. Hill+Knowlton Strategies served as
Methode’s communications advisor.
About Methode Electronics,
Inc.Methode Electronics, Inc. (NYSE: MEI) is a leading
global supplier of custom-engineered solutions with sales,
engineering and manufacturing locations in North America, Europe,
Middle East and Asia. We design, engineer, and produce mechatronic
products for OEMs utilizing our broad range of technologies for
user interface, LED lighting system, power distribution and sensor
applications.
Our solutions are found in the end markets of
transportation (including automotive, commercial vehicle, e-bike,
aerospace, bus and rail), cloud computing infrastructure,
construction equipment, consumer appliance, and medical devices.
Our business is managed on a segment basis, with those segments
being Automotive, Industrial, Interface and Medical.
Forward-Looking StatementsThis
press release contains statements that, to the extent they are not
historical facts, constitute “forward-looking statements”. These
forward-looking statements include expectations regarding future
business strategies, growth plans, revenues and operating
performance that are not historical information and speak only as
of the date of this release. In some instances, they can be
identified by the use of forward-looking terminology, including the
terms believes”, “intends”, “may”, “will” or “should” or, in each
case, their negative or variations on comparable terminology. By
their very nature, forward-looking statements involve inherent
risks, uncertainties and assumptions, both general and specific,
and risks exist that the predictions, forecasts, projections and
other forward-looking statements will not be achieved. Given these
risks, uncertainties and assumptions, investors are cautioned not
to place undue reliance on such forward-looking statements. These
forward looking statements are subject to the safe harbor
protection provided under the securities laws and Methode
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in Methode's
expectations on a quarterly basis or otherwise. The forward-looking
statements in this press release involve a number of risks and
uncertainties including, without limitation, as to the success of
the Nordic Lights acquisition. The factors that could cause actual
results to differ materially from our expectations are detailed in
Methode's filings with the Securities and Exchange Commission, such
as our annual and quarterly reports.
For Methode Electronics,
Inc.Robert K. CherryVice President Investor
Relationsrcherry@methode.com708-457-4030
Methode Electronics (NYSE:MEI)
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