Michelin: friendly bid for Fenner PLC
(CercleFinance.com) - Michelin has announced its intention to acquire Fenner PLC, which is headquartered in Hessle, in the UK.
Each shareholder will receive £6.10 per Fenner PLC share in cash, which represents a 30.7% premium above the closing price of 16 March 2018 (£4.67), the last trading day before the deal was announced, therefore valuing Fenner at £1.3 billion.
This company made sales of 655 million pounds in 2017. It is a world leader in the industry of conveyor belts and reinforced polymer technologies.
Michelin has identified significant cost reduction opportunities, including 30 million pounds in immediate annual synergies, improvements in industrial processes, and capitalisation on R&D capabilities.
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