Assa Abloy acquires 63.3 percent of the shares in Cardo
14.12.2010 - Assa Abloy AB has entered into agreements with several large shareholders in Cardo AB, including L E Lundbergföretagen AB, to acquire in aggregate 17,162,400 shares in Cardo, repre...
Assa Abloy AB has entered into agreements with several large shareholders in Cardo AB, including L E Lundbergföretagen AB, to acquire in aggregate 17,162,400 shares in Cardo, representing approximately 63.6 percent of the shares in Cardo, and announces a cash offer to the shareholders in Cardo to tender all shares in Cardo to Assa Abloy at a price of SEK 420 per share.
"It is with great pleasure that I welcome Cardo as a new member of the Assa Abloy Group. Cardo is a strategic addition in our creation of a strong
position within Entrance Automation and adds important competence, products and services, mainly within the area industrial doors in Europe. Together, Assa Abloy and Cardo form a strong player within Entrance Automation for continued profitable growth in mature as well as new markets", says Johan Molin, President and CEO of Assa Abloy.
"I welcome Cardo Entrance Solutions, which is one of the world's leading industrial door operations. The combination of Cardo Entrance Solutions and Assa Abloy Entrance Systems means that we will be able to offer the customers a complete product and maintenance solution. I am looking forward to Cardo's added competence which forms the foundation for continued rapid expansion", says Juan Vargues, Head of Assa Abloy's Entrance Systems division.