HONG KONG, Oct. 2 /Xinhua-PRNewswire-FirstCall/ -- Gatebrook Limited, a wholly owned subsidiary of Johnson Electric Holdings Limited (''Johnson Electric''), today announced the final interim results of its Public Tender Offer for all publicly held shares of Saia-Burgess Electronics Holding AG (''Saia-Burgess"). Acceptances corresponding to 83.6% of the fully diluted share capital and 89.0% of the total issued shares were received. Johnson Electric's condition of an acceptance level of more than 50% of the fully diluted shares outstanding is thereby fulfilled. Johnson Electric confirms the Offer as successful, subject to some remaining conditions, mainly regulatory approvals as well as the cancellation of limited voting rights and the election of two board members from Johnson Electric at the extraordinary shareholders' meeting of Saia-Burgess to be held in October 2005.
As set out in the Offer timetable, an additional acceptance period will be available from 3 to 14 October 2005 with the purpose of giving all shareholders the possibility to participate. Publication of the provisional definitive result is planned for 17 October 2005, and the definitive result for 20 October 2005. Settlement or payment of the Offer price is planned once all conditions have been fulfilled.
Patrick Wang, chairman and CEO of Johnson Electric, commented: ''We are very encouraged by this result. With Johnson Electric's established presence in global markets for micro motors and motion systems we will be able to generate synergies and accelerate growth for Saia-Burgess. We look forward to making this happen, together with Saia-Burgess's talented management team and employees.''
Saia-Burgess is a leading supplier of stepper motors, switches, actuators, and electronic controllers to customers within the automotive, industrial and infrastructure automation industry. The company is headquartered in Murten, Switzerland, with production and sales locations in Europe, North America, Africa and Asia. In 2004 Saia-Burgess achieved sales of CHF568.4 million (US$447.2M). Saia-Burgess is traded on the SWX Swiss Exchange.
Johnson Electric is one of the world's largest providers of micro motors and integrated motor systems to global customers in the automotive, power tools, home appliances, business equipment, audio-visual and personal care sectors. The group is headquartered in Hong Kong, employs over 32,000 people in 14 countries worldwide and achieved a turnover of US$1,144 million in the business year ending 31 March 2005. Johnson Electric is listed on the Hong Kong Stock Exchange (code 179) and is a constituent of the Hang Seng Index. For further information please visit: http://www.johnsonelectric.com .
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