Iveco Group shareholders have approved all board resolutions linked to TML CV Holdings’ tender offer for the company’s shares
Iveco Group shareholders have approved all resolutions proposed by the board at an extraordinary general meeting (EGM) held in Amsterdam on 16 October, in connection with the voluntary public tender offer from TML CV Holdings. The approval reduces the offer’s minimum acceptance level from 95% to 80% of Iveco’s common shares.
The offer was launched by TML CV Holdings Pte. Ltd. through TML CV Holdings B.V., under the terms of an offer document published on 4 September. The document was amended after the offeror announced an increase in the offer price on 9 October.
Shareholders approved amendments to the articles of association, effective at settlement, and the conversion of Iveco into a private limited liability company following delisting, at a time set by the offeror. They also backed a post-offer demerger, which the offeror may implement if it owns at least 80% of common shares, followed by a post-offer share sale and the eventual dissolution of the company.
Further resolutions approved the appointment of new board members from settlement, along with discharge for those resigning. Shareholders also agreed to amend the terms of Iveco’s special voting shares, terminate its loyalty voting structure, authorise the board to repurchase special voting shares for no consideration, and cancel those shares and any common shares held in treasury.
Several of the approvals, including the articles amendment, the conversion, the board appointments and the changes to special voting shares, were conditions for the offeror declaring the offer unconditional. Voting results and minutes will be published on Iveco’s website in due course.
Source: GlobeNewsWire
