Sunnyvale, US: Trimble Navigation Ltd. announced a public tender offer, to be made by its subsidiary Trimble Finland Oy, for all issued and outstanding shares in Tekla Corporation for EUR 15.00 per share in cash. It represents an aggregate equity purchase price of approximately EUR 337 million (or approximately USD 489 million), and an enterprise value of EUR 311 million (or approximately USD 451 million).
The consideration represents a premium of 52 percent to the closing price of Tekla shares on NASDAQ OMX Helsinki Ltd on May 6, 2011, the last trading day before this announcement. The Board of Directors of Tekla may, pursuant to the authorisation granted by the annual general meeting held on April 6, 2011, resolve to distribute additional dividends or other funds to its shareholders in the maximum amount of EUR 18 million, or up to EUR 0.80 per share, before the completion of the tender offer.
If this occurs prior to the completion of the tender offer, it would result in an equal reduction in the above stated per share offer price of up to EUR 0.80 per share.
Tekla is a provider of Building Information Modeling (BIM) software, with more than 5,000 customers worldwide in the construction industry. The company also offers model driven solutions for customers in the infrastructure and energy industries (in particular energy distribution, public administration and civil engineering and utilities). Its headquartered is in Espoo, Finland.
“Trimble’s offer represents an attractive value to Tekla’s shareholders and reflects Tekla’s improving business and financial performance while providing an outstanding opportunity to accelerate Tekla’s global growth. Given the strategic reasons outlined below and our common product vision, significant value to the customer is to be gained if Tekla becomes a part of the Trimble organisation. The board of directors and the management of Tekla are of the opinion that this is a beneficial development for Tekla’s shareholders, customers and employees,” said Olli-Pekka Laine, Tekla’s chairman of the board.