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JammuVitesco Technologies enters into business combination agreement with Schaeffler

Vitesco Technologies enters into business combination agreement with Schaeffler

Date:

Schaeffler

NL Corresspondent

Tawi: The Executive Board and Supervisory Board of Vitesco Technologies Group AG (“Vitesco Technologies”) today published a joint reasoned statement pursuant to section 27 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) on the voluntary public tender offer of Schaeffler AG (“Schaeffler”) dated 15 November 2023.The reasoned statement considers the Business Combination Agreement (“BCA”), signed with Schaeffler today that sets out key parameters of the business combination and the framework for future cooperation between the two companies. In addition, Schaeffler today published an updated tender offer, which includes an increase of the offer price to EUR 94 per Vitesco Technologies share.The Executive Board and the Supervisory Board of Vitesco Technologies (the “Boards”) agree with Schaeffler's view that the creation of a combined company can bring significant strategic advantages in certain areas. Subject to an agreement on the exchange ratio and the merger agreement, the Boards will submit the merger to the general meeting of Vitesco Technologies for resolution and, if approved with the required majority, complete it.Vitesco Technologies will manage its business independently both until the completion of the tender offer and thereafter until a possible merger.The Executive Board and Supervisory Board have carefully and intensively analyzed and evaluated the adequacy of the consideration offered. In doing so, the Boards have each made their own considerations as well as taking into account, among other factors, the inadequacy opinions of J.P. Morgan, Lazard and Perella Weinberg Partners.On this basis, against the background of their own assessment of the current situation and the development potential of Vitesco Technologies as well as the overall circumstances of the offer, the Management Board and the Supervisory Board also consider the increased offer price per Vitesco Technologies share to be inadequate from a financial point of view.Shareholders who do not wish to retain a stake in Vitesco Technologies in view of the intended merger of Vitesco Technologies into Schaeffler may accept the tender offer or, in the event that the market price is higher than the offer price, sell their Vitesco Technologies shares on the stock exchange.The Executive Board and Supervisory Board of Vitesco Technologies emphasize that Vitesco Technologies shareholders must make their own decision as to whether and to what extent they accept the offer, taking into account their individual circumstances.

 

SAI Int'l hosts 7th Edition of SAITED with a participation of more than 36 schools

 

Jammu Tawi: SAI Group, one of the leading educational institutions in India, hosted today, the 7th edition of SAITED 2023, one of the largest K-12 Science and Technology fests in the country. The event witnessed active participation of more than 7000 students from 36 schools with more than 120 projects across the state. The theme for this year's fest was “Evolving Perspectives: Navigating the Unseen Paradigm,” emphasizing the ever-changing nature of science and technology.Managed by the students of Class XI from the science stream, with mentor support, SAITED 2023 a diverse range of activities, including a Tech Fair, Startup Park, Workshops, Student sessions, Ted Talks, STEM Thought Leaders' Talks, Games, eGames, Science events, Theme Park, and more. The fest provided a platform for students from Class VI to XII to showcase their projects and ideas, encouraging them to adapt to new perspectives and paradigms in the realms of scientific and technological advancements.The distinguished presence of SAITED Chief Guest, Dr. Athithan Gopalaswamy, Former, DG DRDO DG – Centre for Artificial Intelligence and Robotics (CAIR), added luster to SAITED 2023. In his address during the SAITED Talk, he shared, “This fest is a platform for students to exhibit their talents and share innovative ideas and provides a valuable opportunity for students to refine their skills and showcase their creativity. SAITED is serving as a hub for nurturing the talents of our youth.”While addressing the student in SAITED 2023, Dr. Silpi Sahoo, Chairperson, SAI International Education Group, expressed, “Just like every year, this year as well, I am overwhelmed to see the perfectly organized and managed mega event like this by my SAIoneers. We are following the path of our Founder- Chairman Dr. Bijaya Kumar Sahoo, and we are committed in nurturing leadership qualities, critical thinking abilities, creative mind, and scientific temperament among students.”In the vibrant landscape of SAITED 2023, a tapestry of innovation and knowledge unfolded through an array of dynamic workshops such as, “Techutionalising the Urban Mobility Space,” “Cosmoquest: Journeying through Space, Science & Robotics,” “Cosmetolab: Exploring Science Beneath Beauty,” “Roboforge: New realms,” “Greengen Innovate: Cultivating sustainability,” and “Dronetech Mavericks: Skyward Adventures.”SAITED 2023 also featured the participation of various startups, including SPARC, YOUNG TINKER ACADEMY, Institute of Life Sciences, EMOTORAD, CSIR-IMMT, STPI, CEIBA Green Solutions, PLANTERY, IG DRONES, SAK ROBOTICS, and Bon V Technology.SAITED 2023 concluded with a lavish closing ceremony that included an amazing musical extravaganza.

 

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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