Cobham secures majority of Thrane and Thrane

Defence technology group Cobham says that the acceptance conditions set out in the terms of its revised offer for Danish satellite communications outfit Thrane and Thrane have now been satisfied.

Since announcing last week that Thrane & Thrane shareholders will be offered DKK435 (Danish Krone) in cash for each share, an increase of DKK15 per share over Cobham's initial offer, the firm acquired a further 159,000 Thrane & Thrane shares, respecting 2.7% of its fully diluted share capital.

The offer is subject to Cobham obtaining more than 50% of Thrane & Thrane's outstanding share capital. Cobham now owns or has received undertakings in respect of a total of 2,978,934 shares, representing 50.1% of the company.

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The newest offer values the share capital of Thrane & Thrane, a manufacturer of equipment and systems for global mobile communication, at around £275m, a 2.6% increase from the initial offer.

"The offer expires on May 21st 2012 unless extended in accordance with the offer document," Cobham said.

Shares were up 1% at 222p by 15:11 on Tuesday.

BC