Methode Announces Final Results of Tender Offer for Shares of Nordic Lights Group Corporation and Declares it Unconditional
Methode Electronics, Inc. (NYSE: MEI) has confirmed the successful completion of its public tender offer for all outstanding shares of Nordic Lights Group Corporation, with 16,908,155 shares tendered, representing 80.7% of Nordic Lights’ outstanding shares. The company waived the previous over 90% acceptance condition, declaring the offer unconditional. Settlement of the tendered shares is slated for April 20, 2023.
To encourage non-tendering shareholders, a subsequent offer period will open on April 24, 2023 and close on May 8, 2023, allowing more shareholders to participate at the same price.
Nordic Lights specializes in high-quality lighting solutions for heavy-duty equipment used in segments like mining, construction, and agriculture.
- Acquisition of 80.7% of Nordic Lights enhances market position.
- Successful tender offer strengthens Methode's portfolio in the heavy-duty equipment sector.
- None.
CHICAGO, April 19, 2023 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, announced that, further to the press release on April 17, 2023, regarding the preliminary results of its public tender offer for all the outstanding shares of Nordic Lights Group Corporation, the final results confirm that:
- 16,908,155 shares were validly tendered;
- representing 80.7 percent of the outstanding shares of Nordic Lights.
Accordingly, Methode has waived the over 90 percent acceptance condition in accordance with the terms of the offer and, all other conditions to closing being satisfied, has declared the offer unconditional.
Settlement of the tendered shares is expected to occur on April 20, 2023, following which Methode will hold (via its subsidiary, Montana BidCo Oy) approximately 80.7 percent of the share capital of Nordic Lights.
To provide the non-tendering minority shareholders with a further opportunity to accept the offer, Methode is opening a subsequent offer period commencing on April 24, 2023, at 9:30 a.m. (Finnish time) and expiring on May 8, 2023 at 4:00 p.m. (Finnish time), for the same offer price subject to any adjustment in accordance with the terms and conditions of the offer.
Nordic Lights is a premium provider of high-quality lighting solutions for heavy-duty equipment that focuses on five end-user segments: mining, construction, forestry, agriculture and material handling. They manufacture lights for three main application areas: work lights, driving lights and signal lights.
Moelis & Company LLC are acting as exclusive financial advisor to Methode. Wachtell, Lipton, Rosen & Katz, together with Hannes Snellman Attorneys Ltd serve as Methode’s outside legal co-counsel. Hill+Knowlton Strategies serves as Methode’s communications advisor.
About Methode Electronics, Inc.
Methode Electronics, Inc. (NYSE: MEI) is a leading global supplier of custom-engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer, and produce mechatronic products for OEMs utilizing our broad range of technologies for user interface, LED lighting system, power distribution and sensor applications.
Our solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing infrastructure, construction equipment, consumer appliance, and medical devices. Our business is managed on a segment basis, with those segments being Automotive, Industrial, Interface and Medical.
Forward-Looking Statements
This announcement contains statements that, to the extent they are not historical facts, constitute “forward-looking statements”. Forward-looking statements include statements concerning plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, business strategy and the trends in the industries and the political and legal environment and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms believes”, “intends”, “may”, “will” or “should” or, in each case, their negative or variations on comparable terminology. By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this release.
For Methode Electronics, Inc.
Robert K. Cherry
Vice President Investor Relations
rcherry@methode.com
708-457-4030
FAQ
What is the recent tender offer result for Methode Electronics (MEI)?
What is the significance of Methode's acquisition of Nordic Lights?
When will the settlement of tendered shares for Methode (MEI) occur?
What are the dates for the subsequent offer period for Nordic Lights shareholders?
How will Methode's acquisition of Nordic Lights impact its business?
