Thomas & Betts shareholders to vote on ABB acquisition
By Anthony Capkun
April 4, 2012 – Thomas & Betts has scheduled a special meeting of its shareholders for May 2, 2012, where they will vote on the approval of the merger agreement pursuant to which ABB will acquire Thomas & Betts for $72 per share in cash. Thomas & Betts has filed a definitive proxy statement with the United States Securities and Exchange Commission relating to the special meeting.
The companies also provided an update on their progress in obtaining the regulatory approvals for the acquisition.
In the United States, ABB has voluntarily withdrawn and re-filed its notification under the Hart-Scott-Rodino Antitrust Improvements Act. As a result, the waiting period which was previously expected to expire on April 2, 2012, is now expected to expire on April 30, 2012. ABB decided to take this action to give the Antitrust Division of the United States Department of Justice (DOJ) additional time to complete its review of the transaction. Both ABB and Thomas & Betts remain confident the DOJ will conclude that the transaction raises no antitrust concerns.
ABB has filed its notification of the transaction to the European Commission and the waiting period is expected to expire on May 11, 2012.
In addition, the Brazilian antitrust regulator cleared ABB’s acquisition of Thomas & Betts on March 28, 2012. The companies have also applied for regulatory approval in Canada and Turkey.
While a definitive closing date cannot yet be determined, ABB and Thomas & Betts expect the transaction to close mid-2012.