Savaria Successfully Completes its Offer to Acquire Handicare Group AB
March 04 2021 - 5:05PM
Savaria Corporation (TSX: SIS) (“Savaria” or the “Corporation”), a
global leader in the accessibility industry, is pleased to announce
the successful completion of its recommended cash offer to acquire
all of the issued and outstanding shares of Handicare Group AB
(STO:HANDI) (“Handicare”) for SEK50.00 per share (the “Offer”).
Following the conclusion of the acceptance period under the Offer,
which ended on March 4, 2021, the Offer has been accepted by
shareholders representing a total of 56,118,445 shares of
Handicare, corresponding to 95.2 per cent of the total
number of outstanding shares and votes in
Handicare. Accordingly, all conditions for the completion of
the Offer have now been satisfied, and Savaria expects to acquire
the shares tendered under the Offer on March 11, 2021. Furthermore,
the compulsory redemption of the remaining shares in Handicare has
been initiated and the delisting of Handicare’s shares from Nasdaq
Stockholm will promptly be put into motion.
“It is with great pleasure that I welcome the 940 employees of
Handicare to the Savaria family. In math, we learn that 1 plus 1
equals 2. But in life, sometimes it can be different. Savaria with
Handicare will demonstrate that 1 plus 1 is greater than 2.
Together, we can achieve more; serving more customers, with more
products, into more markets and with the best customer service. Our
synergies are evident today and will build powerfully in the coming
months and years. Thank you to all employees for their ongoing
support and a special thank you to our acquisition team, and
financial and legal partners, for their tireless work to complete
this historical transaction,” commented Marcel Bourassa, President
and Chief Executive Officer of Savaria.
Upon the acquisition by Savaria of the shares tendered under the
Offer, the subscription receipts previously issued by the
Corporation in order to partially finance the Offer will
automatically convert into common shares of Savaria, with the
holders of subscription receipts also being entitled to receive a
payment of CAD0.04 per subscription receipt as a result of the
dividend in such amount declared by Savaria on February 22,
2021.
About Savaria Corporation
Savaria Corporation (savaria.com) is one of the global leaders
in the accessibility industry. It provides accessibility solutions
for the physically challenged to increase their comfort, mobility
and independence. Its product line is one of the most comprehensive
on the market. Savaria designs, manufactures, distributes and
installs accessibility equipment, such as stairlifts for straight
and curved stairs, vertical and inclined wheelchair lifts and
elevators for home and commercial use. It also manufactures and
markets a comprehensive selection of pressure management products
for the medical market, medical beds for the long-term care market,
as well as an extensive line of medical equipment and solutions for
the safe handling of patients. In addition, Savaria converts and
adapts vehicles to be wheelchair accessible. Savaria operates a
sales network of dealers worldwide and direct sales offices in
North America, Europe (Switzerland, Germany, Italy, Czech Republic,
Poland and United Kingdom), Australia and China. Savaria employs
approximately 1,400 people globally and its plants are located
across Canada in Laval and Magog (Québec), Brampton, Beamsville and
Toronto (Ontario) and Surrey (British Columbia), in the United
States at Greenville (South Carolina), in Huizhou (China), in Milan
(Italy) and in Newton Abbot (United Kingdom).
Forward-Looking Statements
This press release includes certain statements that are
“forward-looking statements” within the meaning of the securities
laws of Canada. Any statement in this press release that is not a
statement of historical fact may be deemed to be a forward-looking
statement. When used in this press release, the words “believe”,
“could”, “should”, “intend”, “expect”, “estimate”, “assume” and
other similar expressions are generally intended to identify
forward-looking statements. Forward-looking statements also
include, but are not limited to, the statements regarding the
Offer. It is important to know that the forward-looking statements
in this document describe the Corporation’s expectations as at the
date hereof, which are not guarantees of future performance of
Savaria or its industry and involve known and unknown risks and
uncertainties that may cause Savaria’s or the industry’s outlook,
actual results, or performance to be materially different from any
future results or performance expressed or implied by such
statements. The Corporation’s actual results could be materially
different from its expectations if known or unknown risks affect
its business, or if its estimates or assumptions turn out to be
inaccurate. A change affecting an assumption can also have an
impact on other interrelated assumptions, which could increase or
diminish the effect of the change. As a result, the Corporation
cannot guarantee that any forward-looking statement will
materialize and, accordingly, the reader is cautioned not to place
undue reliance on these forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
special items announced or occurring after the statements are made
may have on the Corporation’s business. For example, they do not
include the effect of sales of assets, monetizations, mergers,
acquisitions, other business combinations or transactions, asset
write-downs or other charges announced or occurring after
forward-looking statements are made.
Unless otherwise required by applicable securities laws, Savaria
disclaims any intention or obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing risks and uncertainties
include the risks set forth under “Risks and Uncertainties” in
Savaria’s latest Annual MD&A as well as other risks detailed
from time to time in reports filed by Savaria with securities
regulators in Canada.
For further information: |
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Marcel BourassaPresident and Chief Executive Officer1 (800)
661-5112mbourassa@savaria.com |
Stephen Reitknecht, CPA, CAChief Financial Officer1 (800)
661-5112sreitknecht@savaria.com |
Nicolas RimbertVice President, Corporate DevelopmentPhone: 1 (450)
254-0115nrimbert@savaria.com |
www.savaria.com www.facebook.com/savariabettermobility
www.twitter.com/Mobilityforlife |
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