Chinese electronics manufacturer Midea has offered €115 cash per share for German industrial robotics manufacturer Kuka, valuing the company at €4.57bn.
The offer through Midea affiliate MECCA International for all shares in Kuka comes as a 59.6 premium over the German firm’s closing price on February 3, and is in line with Midea’s previously stated intention to increase its stake from 13.5 per cent, according to a release by the appliance manufacturer.
On Tuesday, Kuka’s stock closed 12.8 per cent higher to €96.99.
Midea said it would allow Kuka to maintain its independence as a publicly listed firm in Germany, emphasizing it had no intention to try and push through with a takeover even if its offer was rejected.
Paul Fang, Chairman and CEO of Midea, said:
We believe that a larger shareholding strikes the right balance between an independent KUKA while also putting both companies in a positon to drive further growth through collaboration, especially in China.
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