Hisense in takeover bid for Asko parent company

With best offer.

Hisense has come out on top with its takeover bid for Asko parent company, Gorenje, offering 12 Euro (A$19) per share, subject to its acquisition of 50 per cent plus one company share of Gorenje shares.

In a statement to shareholders, Gorenje said: “The management board of Gorenje has been informed by the agent acting for the Hisense Luxemburg Home Appliance Holdings of the takeover intention for the purchase of shares of Gorenje.”

Hisense has committed to launch a takeover intent within 15 days and announce its takeover bid of all shares to major shareholders.

Gorenje Group CEO and President, Franjo BobinacĀ 

The following criteria was considered when assessing the offer: the strategic elements, the basis for the initiation of the strategic partnership process, the feasibility of the transaction, and the price per share offered to shareholders.

In March 2018, Gorenje received four non-binding offers from potential Asian strategic partners, all active in the household appliance industry.

Following the assessment of offers to acquire at least 50 per cent of shares, three potential partners were invited to participate in the due diligence phase of the process. Subsequently, they were provided with additional information including access to a virtual data room on Gorenje Group, selected site visits to Gorenje Group facilities and meetings with top management during April.

Hisense Australia and Asko Australia have declined to make any comment at this time.

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