Quick update: Acquisition of ESI is one step closer
On Friday, ESI Group and Keysight Technologies announced that Keysight has now acquired a controlling stake in ESI, and that Keysight plans to file with French regulators to acquire the rest. As of Friday, Keysight owned nearly 51% of ESI’s share capital and 56% of its voting rights, acquired at €155 per share in cash.
Next, Keysight will file a draft mandatory tender offer to acquire the shares of ESI Group that it does not already own at €155 per share, also in cash. ESI Group will submit to regulators the opinion of its board of directors (which is to sell to Keysight). The companies said that the French regulators, Autorité des marchés financiers (AMF), must then approve the sale. Once that happens, AMF will issue a timeline for the transfer of the remaining shares.
Obviously more to come … but it doesn’t sound speedy.