Bloomberg News

3W Power Jumps on Andrem Power Takeover Offer: Frankfurt Mover

February 22, 2012

Feb. 22 (Bloomberg) -- 3W Power SA, the holding company that owns German maker of solar inverters AEG Power Solutions, jumped the most since the shares were listed in 2008 after Andrem Power SCA offered to buy the company for 4.35 euros ($5.76), or 38 percent more than yesterday’s closing price.

3W Power gained as much as much as 35 percent to 4.28 euros. The shares advanced 1.01 euros, or 32 percent, to 4.17 euros as of 10:45 a.m., valuing the Luxembourg-based company at 210 million euros.

Andrem Power, indirectly owned by private-equity firm Nordic Capital Ltd, is bidding 38 percent more than 3W’s closing price on Feb. 21, a premium that corresponds to about 40 percent more than the volume-weighted average share price of the past three months, 3W said in a statement.

“We see 3W Power as a well-positioned platform in power management and energy efficiency products as well as in the renewable energy market with strong growth prospects,´´ Soenke Baestlein, Partner at NC Advisory, who acted as an adviser to Nordic Capital Funds, said in the statement.

The transaction is subject to 95 percent of 3W shareholders accepting the offer, and Andrem Power plans to force out any remaining shareholders and delist the company. 3W’s management board said it welcomes the offer, and shareholders representing about 65 percent of shares have agreed to accept it. The transaction is expected to close in the second quarter of 2012, 3W said.

--Editors: Angela Cullen, Alan Soughley

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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