Aliaxis SA/NV (“Aliaxis”), a leading global player in advanced fluid management solutions, has embarked on a successful growth trajectory to address the world’s water challenges. In this context and as part of its M&A agenda, Aliaxis had identified Uponor Corporation as a potential addition to its portfolio and had, through its Finnish subsidiary Unari Holding Oy (the “Offeror”), announced a voluntary all-cash public tender offer to acquire Uponor on 22 May 2023 (the “Tender Offer”).
Aliaxis’ all-cash offer of EUR 25.75 per share was the result of a comprehensive valuation approach based on Uponor’s strengths, synergies of combining the two companies, the prospects of the sector, as well as the risks facing Uponor.
Pursuant to applicable law and as stated in the announcement release regarding the Tender Offer published by the Offeror on 22 May 2023, if a competing public tender offer for shares in Uponor is announced by a third party, the Offeror has the right, among other things, to withdraw the Tender Offer.
Taking into account the announcement of Georg Fischer Ltd.’s competing public tender offer on 12 June 2023, and after thorough review, the Offeror has today decided to withdraw its Tender Offer. Consequently, the Offeror will not publish a tender offer document regarding the Tender Offer or initiate the acceptance period thereunder. This decision does not limit Aliaxis’ right to consider making a new tender offer for shares in Uponor in the future. No decisions have been taken to either make or refrain from making a new tender offer at a later point in time.
Commenting on the withdrawal of the Tender Offer, Eric Olsen, CEO of Aliaxis:
“Aliaxis is a company on the move as we have demonstrated over the past two years. We remain fully committed to delivering our “Growth with Purpose” strategy, with innovation and sustainability as main driving forces. As a global leader, we will continue deploying our external growth roadmap, leveraging our clear business strategy and our very robust balance sheet, while always maintaining a clear focus on value creation with financial discipline in any acquisition.”