Cobham extends deadline for Thrane as paperwork piles up
DEFENCE technology group Cobham yesterday extended the deadline for shareholders in Thrane and Thrane to decide whether to accept its £275m offer for their firm.
Thrane, a Danish satellite communications company, will have until 18 June to decide on the bid.
The delay was triggered by the amount of paperwork associated with the deal, the firm said.
Cobham has already secured 90 per cent of the issued share capital in Thrane.
FTSE 250-listed Cobham has offered 435 Danish crowns (£47.54) in cash for each Thrane share, an increase of 15 crowns per share over its initial offer.
Cobham returned with a renewed bid after a board shake-up at Thrane which made it more likely to accept.
Cobham said its offer represented a premium of 48 per cent to the closing price of Thrane shares on 24 February, the last trading day before Thrane said it had received a takeover bid.
Thrane’s rejigged board recommended the deal on 3 May.