Austria’s Palfinger Marine has decided not to complete the planned acquisition of Norwegian cranes and offshore systems provider TTS Group.
The two companies announced the plan in June with Palfinger Marine officially submitting an offer to acquire TTS Group in July. The acquisition was expected to be finalised in the fourth quarter of 2016.
According to a TTS statement, one of the closing conditions of the acquisition was that Palfinger Marine had to get acceptances for at least 90 percent of the TTS shares on a fully diluted basis. At the expiry of the acceptance period this condition was not fulfilled.
TTS said that shareholders that have accepted the offer are released from their acceptances, and the same applies to bondholders that have entered into separate undertakings towards Palfinger.
“We are surprised that the transaction will not be completed. We will now fully concentrate our energy on execute executing our stand-alone strategy. Short term focus will be on operational efficiency,” said Toril Eidesvik, ceo of TTS Group.