Tornos' largest shareholder set to launch takeover bid (updated 28 November)
Swiss sliding-head and multispindle specialist Tornos is set to be the subject of a takeover bid, with its largest shareholder, Walter Fust, today announcing his intention to launch a public bid.
Mr Fust already holds 33.325% of the company stock. His intention is stated as being to consolidate his position as a longstanding shareholder in Tornos and to help drive forward the ongoing process of strategic realignment in the long term.
This move is said to underscore Mr Fust's confidence in Tornos, while simultaneously guaranteeing the long term stability of the company's shareholder base. The prospectus accompanying the offer is scheduled for publication on November 27.
Update, 28 November: The offer price of CHF 4.70 per share is considered too low by Tornos board of directors, who have acknowledges the public takeover offer and will make a recommendation regarding the acceptance or the refusal, says a company statement.
