AKASOL AG

  • WKN: A2JNWZ
  • ISIN: DE000A2JNWZ9
  • Land: Deutschland

Nachricht vom 07.04.2021 | 15:40

AKASOL AG: Unanimous recommendation of acceptance of the takeover offer by BorgWarner subsidiary ABBA BidCo AG

DGAP-News: AKASOL AG / Key word(s): Offer/Statement
07.04.2021 / 15:40
The issuer is solely responsible for the content of this announcement.

AKASOL AG: Unanimous recommendation of acceptance of the takeover offer by BorgWarner subsidiary ABBA BidCo AG

  • AKASOL Management Board and Supervisory Board welcome and support the offer
  • Cooperation with BorgWarner expected to accelerate AKASOL's course of growth
  • Clear commitment to workforce, management and locations of AKASOL
  • Fair offer price of EUR 120.00 per share with significant premium compared to historical prices

Darmstadt, April 7, 2021 - Today, the Management Board and Supervisory Board of AKASOL AG ("AKASOL;" the "Company;" ISIN DE000A2JNWZ9) published their reasoned opinions on the voluntary public takeover offer by ABBA BidCo AG, a subsidiary of BorgWarner Inc. (together "BorgWarner"). In their statements, the boards welcome and support the offer and recommend the acceptance of the offer to AKASOL's shareholders.

"The Management Board and Supervisory Board of AKASOL AG are in agreement that the merger with BorgWarner is the right step for AKASOL and will permit our Company to make even better use of future global market potentials. With the global trend toward growth in electromobility, and in combination with the benefits of the cooperation with BorgWarner, we have outstanding prospects for expansion that would not have been possible on this scale under the previous structure," AKASOL CEO Sven Schulz explained. BorgWarner pursues a clear and consistent strategy in the field of alternative-drive technologies, and with around 100 locations internationally, it is the right partner for the increasing internationalization of the business. AKASOL is also expected to benefit from the global player's network of suppliers. "Personally, I am highly motivated to continue to lead AKASOL together with our CFO Carsten Bovenschen, all of the founders and the management team, as we actively shape the next successful chapter in our Company's history. Our employees are also looking forward to the change and are highly motivated to actively shape and guide the change," Schulz said. The Darmstadt-based company will continue to exist as a standalone brand.

BorgWarner and AKASOL expect a worldwide increase in demand for battery systems for the electrification of the transportation sector in the future - bolstered, among other things, by the energy and climate targets of international laws and regulations as well as support measures to help electric mobility break through even faster. Going forward, BorgWarner intends to intensively promote AKASOL's innovative product portfolio and expertise in the field of high-performance lithium-ion battery systems. In this connection, the future main shareholder will provide the Company with financial support for further steps to growth, offering access to the BorgWarner customer base as well as its network of suppliers and international production locations. The goal is to create an extensive and competitive global offer of battery-system solutions and related accessories for the electromobility sector.

"Together with BorgWarner, we will further expand AKASOL's technological and market leadership in the field of advanced battery systems as we further consolidate our market position once more," AKASOL AG's CFO Carsten Bovenschen pointed out. This way, the Company will remain an attractive and expanding supplier of the central component for electric drives, both in Europe and in the Americas. "BorgWarner can optimally support AKASOL in our dynamic growth and the related continued increase in staff to create the necessary structures, such as those at the new AKASOL headquarters in Darmstadt, at our serial production location in Langen and at our US location in Hazel Park, Michigan."

The offer price of EUR 120.00 per AKASOL share includes a premium of 14.9% on the XETRA closing price of February 12, 2021; a premium of 23.4% on the volume-weighted three-month average share price; and a premium of 44.2% on the volume-weighted six-month average share price before the takeover offer was announced. The offer document was published by the BorgWarner subsidiary ABBA BidCo AG at https://abba-angebot.de/websites/1051_ma/English/1000/announcements.html.

Each AKASOL shareholder is individually responsible for deciding whether to accept or reject the offer. The Management Board and Supervisory Board recommend that all shareholders carefully read the statements published on the AKASOL company website. The background of the recommendations by the Executive Board and Supervisory Board is explained there in detail.

Execution of the offer is subject to a minimum acceptance threshold of 50 percent plus one share, together with fulfillment of other customary closing conditions, including regulatory clearances. Sven Schulz (via Schulz Group GmbH) and the other founders of AKASOL, representing 59.4% of shares in AKASOL, have already accepted the offer of ABBA BidCo AG.

The reasoned opinions, together with the non-binding English translations of these, have been published online at www.akasol.com/en/ under the "Corporate Governance" heading. The German version alone is authoritative.

Further information on the public takeover offer can be found at: www.abba-angebot.de.


Important note

It is expressly pointed out that only the reasoned opinions of the Management Board and Supervisory Board are authoritative. The information contained in this press release does not constitute an elaboration on or a supplement to the statements made in the announcements.


Contact Investor Relations:

AKASOL AG, Isabel Heinen
Telephone: +49 (0) 6151 800 500-193
e-mail: isabel.heinen@akasol.com

Contact Corporate Communications:
AKASOL AG, Daria Hassan
Telephone: +49 (0) 6151 800 500 251
e-mail: daria.hassan@akasol.com


About AKASOL

AKASOL is a leading German developer and manufacturer of high-energy and high-performance lithium-ion battery systems for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as in ships and boats. With 30 years of experience, AKASOL is a pioneer in the development and manufacture of lithium-ion battery systems for commercial applications. Shares of AKASOL AG stock have been traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 29, 2018.


Disclaimer

Statements contained herein could be deemed to constitute what are referred to as "forward-looking statements." Forward-looking statements are identifiable by the use of words such as "could," "will," "should," "plans," "expects," "anticipates," "estimates," "believes," "intends," "envisages," "aims" or the negative form of these terms, or corresponding modifications and comparable terms.

Based on current expectations, forward-looking statements involve a number of known and unknown risks, uncertainties and other factors as a consequence of which actual results, degrees of capacity utilization, developments and successes achieved by the Group, or on the part of the branch of industry in which it operates, might turn out to be materially different from the results contained or implied herein. The faith placed in forward-looking statements should not be unreasonably high. The Group will not update or review any forward-looking statements published herein in light of new information, future events or for any other reason.



07.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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