On 12 December 2024 Cicor Group reported that OEP 80 B.V. (OEP) published the offer prospectus for the announced mandatory offer for all the shares of Cicor Technologies Ltd. (Cicor) held in the public. OEP needs to publish an offer after it converted its Mandatory Convertible Bonds (MCNs) and thereby crossed the mandatory offer threshold of 33 1/3% of the voting rights. The conversion of the mandatory convertible bond is intended to provide additional flexibility to implement measures to optimize Cicor’s capital structure.
Cicor is one of the top performers among providers of electronic manufacturing services (EMS) in Europe. The offer price amounts to CHF 55.17 per share, which represents the minimum price. The Board of Directors is of the opinion that the price offered by OEP for the Cicor share does not reflect the actual value of the company. Based on an in-depth review of the offer an independent committee of the Cicor Board of Directors has unanimously resolved to recommend to the shareholders of Cicor not to accept the offer. The Board of Directors regards the offer as a technical step resulting from the conversion of the MCNs.
