Update intended offer by Saab for HITT
This is an update press release by Saab AB and HITT N.V., pursuant to section 7 paragraph 1 of the Decree on Public Takeover Bids (Besluit Openbare Biedingen Wft) and section 5:25i of the Dutch Financial Services Act (Wet op het financieel toezicht) in connection with the intended public offer by Saab AB for all the issued and outstanding ordinary shares in the capital of HITT N.V. This announcement does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities, nor shall there be any sale or purchase of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, the United States of America, Australia, Canada or Japan.
With reference to the joint press release by Saab AB ("Saab") and HITT N.V. ("HITT") of June 7, 2012 regarding the intended public offer by Saab for all the issued and outstanding ordinary shares in the capital of HITT (the "Offer") Saab and HITT announce that the preparations for the Offer are well on track. The advice of the HITT works council has been requested and the consultation process is ongoing.
Saab announces that it expects to submit a request for approval of its offer document to the Netherlands Authority for the Financial Markets ("AFM") before mid July. It is currently expected that the Offer can be launched early/mid August 2012, subject to approval of the AFM and fulfilment or waiver of the other pre-offer conditions.
Further announcements will be made as appropriate.
This is an announcement as referred to in section 7, paragraph 1 (sub a) of the Decree on Public Takeover Offers (Besluit openbare biedingen Wft).
Further information
The information in this press release is not intended to be complete and for further information explicit reference is made to the offer memorandum, which is still expected to be published early August 2012. The offer memorandum will contain details of the Offer. The HITT shareholders are advised to review the offer memorandum in detail and to seek independent advice where appropriate in order to reach a reasoned judgment in respect of the content of the offer memorandum and the Offer itself.
For more information
| Saab | HITT |
| Saab’s Press CentreTel: +46 (0)734 180 018 Investor Relations, Ann-Sofi JönssonTel:+46 (0) 734 180 018 | Sjoerd Jansen (CEO) Tel: +31 (55) 543 25 90E-mail: investor.relations@hitt.nl |
About Saab
Saab serves the global market with world-leading products, services and solutions ranging from military defence to civil security. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers’ changing needs.
About HITT
HITT is a leading player in the worldwide markets for traffic management and navigation systems. The company develops technology aimed at safety enhancement and traffic flow improvement, whilst also enabling significant cost reductions in infrastructure and logistics. The core activities of HITT consist of developing, selling and maintenance of management & control systems and services for air and vessel traffic and hydro-graphic and navigation systems. In 2011 HITT achieved a revenue of EUR 40.7 million and a net profit of EUR 3.4 million. The number of staff at year-end 2011 was 188. HITT has been listed on Euronext Amsterdam N.V. since June 1998.
Forward-looking statements and restrictions
This announcement is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire the securities of Saab or HITT in any jurisdiction.
The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Saab and HITT disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither Saab, nor HITT, nor any of their advisors assumes any responsibility for any violation by any person of any of these restrictions. Any HITT shareholder who is in any doubt as to his position should consult an appropriate professional advisor without delay. This announcement is not to be published or distributed in or to the United States of America, Australia, Canada or Japan.
This press release may include "forward-looking statements" and language indicating trends, such as "anticipated" and "expected." Although Saab and HITT believe that the assumptions upon which their respective financial information and their respective forward-looking statements are based are reasonable, they can give no assurance that these assumptions will prove to be correct. Neither Saab nor HITT, nor any of their advisors accepts any responsibility for any financial information contained in this press release relating to the business or operations or results or financial condition of the other or their respective groups.
The information is that which Saab AB may be required to declare by the Securities Business Act and/or the Financial instruments Trading Act. The information was submitted for publication on July 3 at 18.00 CET.