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Ennoconn Says Conditions Met for Kontron Tender Offer; Shares Down 7%

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Kontron AG, a subsidiary of Ennoconn Corp (TPE:6414), said all terms and conditions of the company's mandatory tender offer have been met, and the foreign direct investment review has been cleared in Germany, according to a Tuesday filing with the Taiwan stock exchange.

The industrial computer manufacturer's shares were down nearly 7% in recent trade.

In June, Ennoconn's board had approved a plan to acquire additional shares of Austria-based Kontron through a mandatory public takeover offer in cash.

The offer price is set at 23.50 euros per share and was launched after Ennoconn crossed the 30% ownership threshold, in line with German regulations.

Upon settlement, Ennoconn will hold 48.36% of the shares in Kontron AG in accordance with the shareholding notification and will not hold a majority of the voting rights after the offer's completion.

The company said it does not plan to further increase its shareholding in Kontron.

The offer is scheduled to settle on Aug. 20.

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