Lifco Takeover of NOTE Fails
DANDERYD, SWEDEN -- Lifco has withdrawn its offer to acquire EMS firm NOTE after failing to gain even a majority of the EMS firm's shareholder votes.
Lifco's acceptance offer expired Jan. 23. At the end of the acceptance period, 4.23 million of NOTE's shares, or 14.7% of the shares and votes, had been tendered in the offer.
Completion of the offer was conditional upon Lifco gaining at least 90% of the outstanding shares in NOTE. Shares tendered in the offer will not be acquired by Lifco, but will remain in the respective holder’s possession without any actions by the holder.
Lifco owns six contract electronics assembly companies in Sweden including Leab, Gallac/Avab, Jarlasa, Texor, Wintech and Zetterstroms. Its aggregate annual EMS revenues are about $99 million. NOTE's 2011 sales were about $190 million; its 2012 sales were down considerably through the first three quarters.
