ADB has announced its intention to go private following an approach from its leading shareholder. 4T has made a bid of CHF 15.50 (€12.86) per share, representing a premium of 34% over Friday’s stock market close, and 20% on the last 60 days of trading on the SIX Swiss Exchange.
In a statement ADB Group said that going private represented the preferred option for the company’s future development. “ADB Group is in the process of changing its business model away from the current hardware-based products towards software, systems and services. Even though the process is underway, it is envisaged to take a relatively long time during which the operational results will likely be unsteady. Consequently, ADB Group will not be able to provide the stability and predictability desirable for a publicly listed company.”
The decision was taken by ADB Group’s independent shareholders.
4T was created in June 2010 by ADB founder Andrew Rybicki. The Luxembourg-based company also includes members of the Rybicki family, who pooled their shareholding with other shareholders in ADB at that time.
