REpower Boards Accept AREVA Takeover Offer

NAW Staff
by NAW Staff
on March 20, 2007 No Comments
Categories : New & Noteworthy

The supervisory board and management board of REpower Systems AG, a Germany-based wind turbine manufacturer, have published their joint reasoned opinion concerning AREVA Group SA's increased takeover offer, which was submitted to REpower on March 15.

In their reasoned opinion, the boards accepted AREVA's second offer, which provides a takeover price of 140 euros per share – equaling a total value of about 1.14 billion euros – and recommended REpower accept the offer. The boards noted the 14-euro-per-share increase of AREVA's offer over a second takeover offer from Suzlon Wind Energy and AREVA's ability to provide a strategic partnership for ‘accelerated growth in the international wind industry’ as reasons for the recommendation.

In January, AREVA offered REpower 105 euros per share – for the shares AREVA does not already own – for the acquisition of the company. Suzlon submitted a second offer of 126 euros per share, which REpower's boards recommended accepting on March 6.

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