Haldex The Knorr Group raised its quotation to SEK 5.53 billion (US$652 million), and ZF provided a cash tender price of 5.29 billion kronor. Both parties are attracted by the expertise of Jude in the field of trailer braking systems. In order to develop an integrated automated driving system for commercial vehicles, they have competed in the acquisition of Jude in the past two months.
The Knorr-Bremse Group supplies braking systems for rail and commercial vehicles, and has increased its offer from 110 to 128 kronor per share for the acquisition of Jude. Competitor ZF raised the quotation from 110 kroner to 120 kroner on September 14.
In contrast, in the open tendering, the Knorr-Bremse Group has the highest bid price and is waiting for the approval of the Jude Board of Directors. Since the official approval of the anti-monopoly authority has been received, Jude may end the transaction as soon as possible, and there is no coincidence with ZF's production line, which can complement each other. The Ritek directors prefer ZF.
Magnus Johansson, Deputy Chairman of Ritek, pointed out that the board of directors will start a discussion to evaluate this new situation and that it will announce its views on Knorr and ZF's bids on September 19.
Hampus Engellau, an analyst at Handelsbanken Bank in Sweden, said, “The Knorr Group’s bid price for Jude is 22 to 23 times the estimated profit of 2016, which is 40 times higher than that of the industry peers. In my opinion, the bid of 125 kroner is more than sufficient, and it also shows the long-term value of Jude. Moreover, Knorr has a stronger balance sheet than ZF and can play a more effective synergy, so 125 kroner to Knorr It's not too expensive."
Currently, ZF holds a 21.24% stake in Ritek, while Knorr holds a 11.4% stake. Both sides lowered the minimum bid acceptance threshold to eventually hold 50% stake in Jude.
Baldor's expertise in the fields of trailer braking and air suspension components can complement the Knorr-Bremse Group's brakes, steering wheel and transmission systems, as well as driver assistance systems, autonomous driving functions and interconnection technologies.
However, Jude's board of directors reminded that due to the coincidence of Knorr's business with that of Knorr, the anti-monopoly authority may carry out a lengthy review of the acquisitions of both parties.
Sprockets:
Sprockets is one of the most widely used and welcome products in the
market. High quality material selection.powerful and precise
heat-treatment ability and excellent assembly methods ensure Borine'
Sprockets meet strong and high efficiency needs of modern society.
Borine has products completely conforming to the international
standard(ISO) and other advanced industrial standard(DIN.ANSI)and
in-plant standard products specially developed for customers. Borine'
sprockets are all by inspected strictly before shipping to customers.
Sprockets
Drive Sprocket, Idler Sprocket, Chain Sprocket
Ningbo Borine Machinery Co.,Ltd. , http://www.borine-agroparts.com