TE Connectivity plans acquisition of First Sensor

July 09, 2019 //By Christoph Hammerschmidt
TE Connectivity plans acquisition of First Sensor
Via its German subsidiary TE Connectivity Sensors Germany Holding AG, the Swiss group with US roots, TE Connectivity (Schaffhausen, Switzerland), has submitted a voluntary takeover bid to its competitor First Sensor (Berlin).

First Sensor AG's acceptance period ends on September 2, 2019. Provided the shareholders accept the offer, the transaction is expected to be completed by mid-2020 at the latest, a press release from First Sensor AG says. TE Connectivity had announced at the beginning of June that it would offer 28.25 euros per share for First Sensor. The Executive Board and Supervisory Board of First Sensor AG approved the takeover, which does not have a minimum acceptance threshold. The anchor shareholders had already accepted the offer and held 67 percent of the shares. At the beginning of June, the company was valued at almost 260 million euros on the stock exchange.

The publication marks the beginning of an eight-week offer phase in which First Sensor shareholders can decide on the sale of their shares. The acceptance period ends on September 2, 2019. The transaction is expected to be completed by mid-2020 at the latest.

First Sensor recently announced a strategic collaboration with Analog Devices (ADI). The aim is to jointly develop semiconductor solutions for affordable lidar sensors to be used in automated driving cars.

 

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