Date: January 23, 2008
Eaton Announces Satisfaction Of Minimum Acceptance Condition In Tender Offer For Phoenixtec Power Company Ltd.; Extends Tender Offer Period
CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced that, in connection with its tender offer for the shares of Phoenixtec Power Company Ltd., a company listed on the Taiwan Stock Exchange, more than 293 million shares, representing approximately 69 percent of Phoenixtec’s outstanding shares, have been tendered into the offer. As a result, the offer condition regarding the minimum shares being tendered has been satisfied, and Eaton has now removed this condition as to tendered shares.
Eaton also announced plans today to extend the period during which shares of Phoenixtec can be tendered. The tender offer period will now close on the third business day after the last closing condition is satisfied, but not later than February 22, 2008, in Taipei, Taiwan.
Eaton launched a tender offer to acquire Phoenixtec Power Company Ltd., on December 21, 2007, in Taipei, Taiwan. The offer price is NT $50 per share (US $1.54 per share).
Phoenixtec manufactures single- and three-phase uninterruptible power supply (UPS) systems that are sold globally. Phoenixtec has leading positions in UPS markets particularly in China, Southeast Asia and Eastern Europe. Based in Taipei, Taiwan, the company has manufacturing facilities in China and Taiwan, and employs approximately 5,800 people.
Eaton Corporation is a diversified industrial manufacturer with 2007 sales of $13.0 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 64,000 employees and sells products to customers in more than 140 countries.
Kelly Jasko (216) 523-5304