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Power/Alternative Energy  

Kemet offers to buy European capacitor maker

Posted: 22 Feb 2007     Print Version  Bookmark and Share

Keywords:Kemet  Evox Rifa  capacitor  Peter Clarke 

Kemet Corp. has reportedly offered to buy Evox Rifa Group Oyj, a maker of film and electrolytic capacitors, reportedly for approximately Rs.249.26 crore ($55 million) in cash.

The company has offered about 16 cents for all issued and outstanding shares in Evox Rifa. The offer price represents a premium of approximately 47 per cent compared to the volume-weighted average trading price of the Evox Rifa shares on the Helsinki Stock Exchange during the last 12 months and approximately 44 per cent compared to the average trading price during the last 3 months.

In addition, Kemet has also agreed to acquire all of the loan notes under the convertible capital loan issued by Evox Rifa for a consideration corresponding to the aggregate of the nominal amount per loan note of Rs.5,936.92 ($131) plus accrued interest up to and including the closing date of the tender offer.

Kemet said that shareholders representing approximately 51.7 per cent of the Evox Rifa share capital will accept the tender offer and the board of Evox Rifa has recommended acceptance of the offer. The acquisition is expected to close in April.

"We are pleased to bring Evox Rifa within the Kemet group of companies, and look forward to integrating these operations into our business," said Per Loof, Kemet CEO, in a statement.

"We believe the combination of our product and processing technology together with Kemet's global logistics and customer service capability will provide our customers with enhanced opportunities," said Tuula Ylhainen, president and CEO of Evox Rifa, in the same statement.

- Peter Clarke
EE Times-Europe




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