EADS Solidifies MRO Position with Vector Acquisition

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A week after the March 2011 revelation that EADS was in discussions with Toronto Stock Exchange listed Vector Aerospace, a support agreement with EADS subsidiary Eurocopter Holding will acquire all of Vector’s issued and outstanding common shares for consideration of C$ 13 ($12.95) per share, valuing the firm at about C$ 625 million. The offer price is 15% above the closing price when trading was halted, and 80% above the price on Dec 31/10, when the firm publicly announced that it was open to merger offers. Therein hangs a pair of tales – one concerning the buyer’s rationale, and another concerning the takeover saga itself. The EADS acquisition was actually the indirect product of a failed internal takeover bid in 2009… The crux of the matter has always been an agreement that requires 2/3 of Vector’s shareholders to approve any offers to sell the business. That agreement helped depress the value of the firm’s shares, which made it a valuable target – if the buyer could find a way around the restriction. Kenneth Rowe’s IMP Group International Inc. owned 37% of Vector, giving it a blocking position. In September 2009, Rowe tried to convert that into a majority position without […]

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