Eaton declares tender offer for shares of Senyuan International Holdings wholly unconditional
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CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today that, in connection with its voluntary general offer for the shares of Senyuan International Holdings Limited (HKSE:3333), a Hong Kong Stock Exchange listed company, Eaton has received acceptances from the holders of more than 281 million shares, representing approximately 92 percent of the issued share capital of Senyuan. The tendered shares include those held by Senyuan’s principal shareholders, who tendered their shares on September 6, resulting in the satisfaction of the offer condition regarding shareholder acceptances as of that date. Eaton has now declared the offer unconditional in all respects. Having reached the required level of share acceptances, Eaton intends to apply the provisions of applicable law to acquire any Senyuan shares not tendered in the offer and to apply for a de-listing of the shares from the Hong Kong Stock Exchange. Eaton’s offer for the Senyuan shares will remain open for acceptance until further notice. As a result of the receipt of acceptances representing more than 90 percent of the outstanding Senyuan shares, Eaton's offer price has increased from HK$1.49 to HK$1.62 per share -- representing an aggregate price of US$63.6 million for all outstanding shares. Senyuan’s wholly owned subsidiary, Changzhou Senyuan Switch Co., Ltd., is a well-established manufacturer of vacuum circuit breakers and other electrical switchgear components in the People’s Republic of China. The company had 2005 sales of RMB 374 million or US $47 million. It is based in Changzhou, Jiangsu Province, and has 530 employees. Eaton Corporation is a diversified industrial manufacturer with 2005 sales of $11.1 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 60,000 employees and sells products to customers in more than 125 countries. For more information, visit www.eaton.com. |
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