Busch offers nearly €1bn for Pfeiffer takeover
Busch, German vacuum pump manufacturer, has made an offer of €96.2 per share, totalling at €949 million, to purchase its compatriot Pfeiffer Vacuum.
Bush is already holding 27.2% of Pfeiffer’s shares, and it has secured addition stock to bring its ownership to 29.98% before the takeover offer is published.
Pfeiffer shares were up 6.4% in early Frankfurt trade, and the company’s stock closed at €92.81 on Monday, up 12% over the past year.
The firm’s lender LBBW has already committed to financing the deal, which is not conditional upon any minimum acceptance threshold.
Pfeiffer produces pumps for semiconductor and analytical device manufacturers, who use them in products such as electron microscopes.