Motherson Sumi Systems Ltd. (BSE:517334) entered into an agreement to acquire PKC Group Oyj (HLSE:PKC1V) for approximately €570 million on January 19, 2017. Motherson Sumi Systems will launch a public tender offer wherein it will pay €23.55 in cash for each PKC Group share, €6.90 in cash for each outstanding 2012B stock option and €0.27 in cash for each outstanding 2012C stock option. Motherson Sumi Systems has sufficient financing for the offer through cash and draw down facilities. Motherson may also use new facilities for financing the actual settlement of the tender offer. Completion of the offer is not conditional upon obtaining financing. The offer is subject to approvals by the relevant regulatory authorities, such as competition authorities, and the offeror gaining control of more than 90% of PKC Group shares and outstanding stock options. The Board of Directors of PKC Group has unanimously decided to recommend the shareholders and the holders of the stock options to accept the tender offer. The offer period is expected to commence on or about February 6, 2017 and run until March 21, 2017.

As of February 10, 2017, deal was approved by the FTC. As of March 16, 2017, AS Harju Elekter has decided to accept the tender offer and will tendered its holding of 1.1 million shares. As of March 20, 2017, the deal was unconditionally approved by the European Commission. As of march 21, 2017, all pre-closing regulatory approvals for the completion of the tender offer were obtained following approval by the European Commission. The transaction is expected to close by end of March 2017. As on March 22, 2017, final result of the tender offer will be announced on March 24, 2017 and the completion is expected to take place on March 29, 2017.

Motherson Sumi has appointed Nordea Corporate & Investment Banking and Motilal Oswal Investment Advisors as financial advisers and White & Case LLP as legal adviser. Merrill Lynch International acted as the financial advisor and fairness opinion provider and Borenius Attorneys Ltd. acted as legal adviser for PKC Group. Saurabh Saxena and Abhishek Bose from Adfactors PR Pvt. Ltd. served as the public relations contacts on the deal for Motherson Sumi Systems. Alexandra Therman, Otto Kattelus, Nicolas Lindfors and Joosep Kadak of Nordea Corporate & Investment Banking acted as financial advisors to Motherson Sumi.