(AP) -- Swiss sports watch manufacturer TAG Heuer International SA said Monday it had accepted a takeover offer of SFr1.158 billion ($747 million) from a French company.This content was published on September 13, 1999 - 17:33
(AP) -- Swiss sports watch manufacturer TAG Heuer International SA said Monday it had accepted a takeover offer of SFr1.158 billion ($747 million) from a French company.
Paris-based luxury products group LVMH Moet-Hennessy Louis Vuitton made the offer of SFr215 per share.
TAG Heuer had asked for its shares to be suspended on the Zurich bourse earlier Monday, after announcing it was in "advanced discussions" with an undisclosed purchaser. The offer represents a premium of 8.6 percent on Friday's closing price.
In its statement announcing the purchase, Tag Heuer said key managers and shareholders representing 38.8 percent of the company's share capital had already given an irrevocable undertaking to accept the offer.
LVMH must obtain the acceptance of the holders of at least 50.1 percent of shares. A formal offer will be sent to TAG Heuer's shareholders by October 5, the company said.
The offer is being made under Swiss takeover rules and will not be made in the United States.
In a statement LVMH said the takeover would offer great opportunities to the management and staff of TAG Heuer, and said the ability and experience of the TAG Heuer workforce was very important.
Shares in TAG Heuer rose 8.3 percent Monday in the hour after trading was resumed.
TAG Heuer is a leading designer, producer and marketer of Swiss sports watches and chronographs, and has been producing timepieces since 1860.
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