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PALFINGER formally lodges takeover bid for TTS Group ASA

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Oilfield Technology,

The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA has been approved and published by the Oslo Stock Exchange following a detailed review. PALFINGER aims to acquire 100 per cent of the TTS shares. Alongside the necessary anti-trust approvals, the offer is also subject to the condition that at least 90% of all the shares in TTS be offered to the PALFINGER Group. PALFINGER has already secured acceptance of a total of approximately 66.3%. The initial deadline for acceptance of the offer is 12 August 2016. The Board of Directors of TTS recommends that its shareholders accept PALFINGER’s offer.

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