Eaton tender offer for shares of Phoenixtec extended to February 22 
(19/02/2008)
Eaton launched a tender offer to acquire Phoenixtec Power Company Ltd., on December 21, 2007, in Taipei, Taiwan. The offer price is NT $50 per share (US $1.54 per share).
Eaton has announced that, in connection with its tender offer for the shares of Phoenixtec Power Company Ltd., more than 293 million shares, representing approximately 69 percent of Phoenixtec’s outstanding shares, have been tendered into the offer. As a result, the offer condition regarding the minimum shares being tendered has been satisfied, and Eaton has now removed this condition as to tendered shares.
Eaton also announced plans to extend the period during which shares of Phoenixtec can be tendered. The tender offer period will now close on the third business day after the last closing condition is satisfied, but not later than February 22, 2008, in Taipei, Taiwan.
Phoenixtec manufactures single- and three-phase uninterruptible power supply (UPS) systems that are sold globally. Phoenixtec has leading positions in UPS markets particularly in China, Southeast Asia and Eastern Europe. Based in Taipei, Taiwan, the company has manufacturing facilities in China and Taiwan, and employs approximately 5,800 people.
Related categories: Company changes UPS and batteries
