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Defence group Saab plans to place a bid on Dutch firm Hitt
Thursday, 07 June 2012
Defence group Saab plans to make a bid for the Dutch company, Hitt,
which develop solutions for improved security at airports and marine
Saab want to propose to makes a bid for €6:60 per share, on Hitt,
representing a premium of 38 percent over the closing price on 6 June
The total offer value for all outstanding shares of Hitt is approximately €29.7 million.
Hitt develops and implements technology solutions to improve security at airports and marine environments.
Hitt's management and board of directors unanimously recommend that
shareholders accept the offer. Hitt and four other shareholders, who
together control 73.6 percent stake in Hitt, has agreed to accept the
Offer to be financed from Saab's own readily available resources, according to a press release.
HITT is a leading player in the worldwide markets for traffic
management and navigation systems. The company develops technology
aimed at safety enhancement and traffic flow improvement, whilst also
enabling significant cost reductions in infrastructure and logistics.
The core activities of HITT consist of developing, selling and
maintenance of management & control systems and services for air
and vessel traffic and hydro-graphic and navigation systems. In 2011
HITT achieved a revenue of €40.7 million and a net profit of €3.4
million. The number of staff at year-end 2011 was 188. HITT has been
listed on Euronext Amsterdam NV since June 1998.
Details of the deal and various lines of proposals and expectation could be found here
By Scancomark.se Team
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