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 environments.

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 2012.

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.
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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