German auto parts maker Robert Bosch GmbH is buying Switzerland’s Sia Abrasives Holding AG in an all cash deal worth up to 350 million Swiss francs ($313.3 million) to boost its power tools unit. Bosch has bought a 40 percent stake in Sia from Swiss entrepreneur Giorgio Behr for 153.9 million francs or 515 francs per share and will make a public offer to all shareholders of 435 francs per share.
“With this acquisition, the Bosch Power Tools division intends to strengthen its activities in … surface technology and to extend its existing portfolio of abrasives products,” Bosch said in a statement.
The offer price is a 22.7 percent premium over Sia’s closing price on Aug. 25, the day before Behr made a 385 francs per share takeover offer which was rejected by Sia’s board.
Source: Reuters
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