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LONDON - TI Fluid (LON:TIFS) Systems plc, a leading supplier of automotive fluid systems, has been acquired by ABC Technologies Acquisitions Limited, a subsidiary of ABC Technologies Inc., in an all-cash transaction. The deal was completed through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, becoming effective today, Tuesday.
The acquisition, initially announced on November 29, 2024, culminated with the court’s approval on Sunday, April 8, 2025. As of 6:00 p.m. on Monday, April 14, 2025, shareholders of TI Fluid Systems are entitled to receive 200 pence in cash for each share they held at the record time.
Settlement of the consideration due to shareholders will be carried out promptly, with electronic transfers for certificated shares and through CREST for uncertificated shares, ensuring completion within 14 days of the effective date.
Consequently, trading of TI Fluid Systems shares on the London Stock Exchange (LON:LSEG) was suspended as of 7:30 a.m. today, with the delisting of the shares scheduled for 8:00 a.m. tomorrow, Wednesday, April 16, 2025. Share certificates for TI Fluid Systems are now invalid, and entitlements to shares held in CREST are being canceled.
Following the acquisition’s completion, TI Fluid Systems is no longer considered to be in an "offer period" as defined by the Takeover Code, which means the dealing disclosure requirements previously communicated to investors are no longer applicable.
In tandem with the acquisition, there have been changes to the board of TI Fluid Systems. All non-executive directors resigned from the board effective today, and Hans Dieltjens also stepped down from his role as President and CEO.
This strategic move marks a significant change in ownership for TI Fluid Systems, now under the umbrella of ABC Technologies Inc., a company specializing in automotive components and systems.
The information for this report is based on a press release statement.
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