Kemet Corp., a manufacturer of tantalum and aluminum capacitors, said it has offered to buy Evox Rifa Group Oyj, a maker of film and electrolytic capacitors, reportedly for approximately $55 million in cash.
Kemet (Greenville, South Carolina) has offered 0.12 euro (about 16 cents) for all issued and outstanding shares in Evox Rifa (Helsinki, Finland).
The offer price represents a premium of approximately 47 per cent compared to the volume-weighted average trading price of the Evox Rifa shares on the Helsinki Stock Exchange during the last 12 months and approximately 44 per cent compared to the average trading price during the last 3 months.
Kemet has also agreed to acquire all of the loan notes under the convertible capital loan issued by Evox Rifa for a consideration corresponding to the aggregate of the nominal amount per loan note of 100 euros plus accrued interest up to and including the closing date of the tender offer.
Kemet said that shareholders representing approximately 51.7 percent of the Evox Rifa share capital have said they will accept the tender offer and the board of Evox Rifa has recommended acceptance of the offer.
"We are pleased to bring Evox Rifa within the Kemet group of companies, and look forward to integrating these operations into our business," said Per Loof, chief executive officer of Kemet, in a statement.
Evox Rifa's strength is in the design and production of customized capacitor products. The company has about 1400 employees with production plants located in Indonesia, the United Kingdom, China, Sweden and Finland. Kemet is reported to employee approximately 10,000 worldwide, with most of its 1,100 U.S. employees in Greenville County.
"We believe the combination of our product and processing technology together with Kemet's global logistics and customer service capability will provide our customers with enhanced opportunities," said Tuula Ylhainen, president and chief executive officer of Evox Rifa, in the same statement.
The acquisition is expected to close in April.