Linde PLC has published an offer document regarding its voluntary public takeover offer in the form of an Exchange Offer to the shareholders of Linde AG to acquire all ordinary bearer shares without par value of Linde AG.
The settlement of the Exchange Offer is subject to various closing conditions including, inter alia, an acceptance of the Exchange Offer by 75% of all Linde shares entitled to voting rights as further described in the offer document.
Linde PLC decided to lower the minimum acceptance ratio for the Exchange Offer from 75% to 60% following the consent by Linde AG and Praxair, Inc.
Due to such amendment to the offer document, the acceptance period of the Exchange Offer will be extended by two weeks. Therefore, the lowered minimum acceptance ratio has to be reached by 7th November 2017.
The lowering of the minimum acceptance ratio allows that certain shareholders who are restricted from tendering at an earlier stage are also included in the Exchange Offer.
The business combination remains subject to the satisfaction of closing conditions, including the reduced minimum acceptance threshold of 60% and the receipt of all regulatory approvals. Linde AG and Praxair, Inc. continue to expect that all offer conditions and relevant thresholds will be met and that the business combination will be completed in the second half of 2018 as expected.
More than 50% of all outstanding shares have been tendered in the company’s exchange offer for Linde AG shares. As of 20th October 2017, 2:00 pm (CET), 94,320,380 Linde AG shares have been tendered into the exchange offer, which corresponds to approximately 50.81 % of the share capital and voting rights of Linde AG.