Hytera One Step Closer to Buy Sepura 10-02-2017
Shareholders at Sepura have reached a majority decision to approve Hytera’s offer to buy the company.
Yesterday, a company announcement was made to the London Stock Market, confirming that shareholders have reached a majority decision to approve leading Chinese PMR (Professional Mobile Radio) solutions provider Hytera Communications Corporation Limited’s offer to buy UK, Cambridge-based communications technology company Sepura Plc.
At the Court Meeting, a majority in number of Scheme Shareholders who voted (either in person or by proxy), representing 97.07 per cent, voted in favour of the resolution to approve the Scheme. The resolution proposed at the Court Meeting was passed on a poll vote.
The news reflects the belief of the Sepura shareholders that the bid from Hytera meets the value of the company. The acquisition demonstrates the confidence in Sepura’s technology and operations. The complementary strengths of the two companies will create a best-in-class, industry-leading organisation, and provide customers and partners with an exceptionally broad solution offering.
Effective Date and Timetable
At this time, approvals from the competition authorities in Spain and Germany remain outstanding, and Sepura and Hytera are currently liaising with the relevant authorities in respect of these outstanding conditions to the Acquisition.
As stated in the Scheme Document, the Court Hearing to sanction the Scheme will be held following the satisfaction or waiver of these conditions and is now, therefore, expected to take place in early to mid-March 2017, rather than 16 February as previously indicated. Sepura will announce a further update on timing for the closing of the Acquisition in due course.
In accordance with rule 26.1 of the City Code on Takeovers and Mergers, a copy of this announcement is available on the website of Sepura at www.sepura.com