SON, THE NETHERLANDS – Neways Electronics said conversations about a non-binding conditional indicative proposal by VDL to acquire all outstanding shares in Neways’ share capital have ended, following a unanimous conclusion of the board of directors and the supervisory board of Neways.

In the present proposal, the value development of Neways is significantly undervalued, they say.

Neways earlier entered into talks with VDL to evaluate the proposal. The boards have, supported by their financial and legal advisors, reviewed the present proposal, whereby the boards have given due consideration to the interests of all stakeholders, including the other shareholders.

After careful analysis, the board concluded the present proposal, including the non-financial covenants, insufficiently serves the interests of Neways, its business and its stakeholders, including the other shareholders.