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Busch secures over 30 percent of Pfeiffer Vacuum with hostile bid
February 23, 2017 / 7:31 AM / 9 months ago

Busch secures over 30 percent of Pfeiffer Vacuum with hostile bid

FRANKFURT, Feb 23 (Reuters) - German pump maker Busch’s hostile bid for rival Pfeiffer Vacuum has secured it a controlling stake of over 30 percent, two and a half weeks before its offer runs out.

By the end of Feb. 21, eight days after Busch launched its offer, the group had 30.003 percent of shares in Pfeiffer, Busch said in a statement on Thursday. The acceptance period for the offer runs through March 13.

Pfeiffer has rejected Busch’s takeover bid of 96.20 euros ($101.41) per share, saying it lacked a control premium and did not reflect the growth potential for vacuum pumps.

Pfeiffer makes pumps used by manufacturers including semiconductor firms and makers of analytical devices such as electron microscopes. Busch describes itself as one of the world’s largest makers of vacuum pumps, blowers and compressors supplying all industry sectors. ($1 = 0.9486 euros) (Reporting by Maria Sheahan; Editing by Christoph Steitz)

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