29 August 2024
A.P. Moller Holding announces a recommended public cash offer to the shareholders of Concentric
A.P. Moller Holding’s wholly-owned subsidiary Circle Bidco ApS has announced a recommended public cash offer to acquire Concentric AB, a Swedish provider of flow control and fluid power technology for the commercial vehicle market, listed on Nasdaq Stockholm. The offer of SEK 230 in cash per share in Concentric has been unanimously recommended by the Board of Directors in Concentric, and is backed by shareholders in Concentric together controlling 16.7 percent of the outstanding shares in the company.
Jan Thorsgaard Nielsen, Chief Investment Officer at A.P. Moller Holding, comments:
“Concentric is a global leader in pump, fan, and thermal management solutions for the commercial vehicle market, and is uniquely positioned to actively support its customers through the energy transition. Furthermore, Concentric’s innovative solutions are well positioned for expansion into new and adjacent markets such as energy storage and datacentres. To pursue these growth opportunities, the Company faces significant investments in the organisation and product development, initiatives that will require both capital and patience from all stakeholders.”
“At A.P. Moller Holding, we are committed to actively supporting transition journeys and bring experience in guiding companies through various business cycles. We believe this combined with our long-term investment horizon makes us good owners of Concentric in the next phase of its journey. To make this possible, we have presented an attractive offer and are pleased to have received the unanimous recommendation of Concentric’s Board of Directors, as well as the support from two of Concentric’s largest institutional shareholders, representing nearly 17 percent of the outstanding shares.”
For any further information about the offer, including the full press release, please visit: www.Circle-BidCo.com
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