ZURICH, Switzerland and FORT SMITH, AR,
Jan. 20, 2011
(Press Release) -
ABB Ltd, the leading power and automation technology group, and Baldor Electric Company, a North-American leader in industrial motors, announced today that ABB's subsidiary Brock Acquisition Corporation has extended for a second time the expiration date for its tender offer for all of the outstanding shares of common stock of Baldor at a price of $63.50 per share net to the holder in cash, without interest and less any required withholding taxes, until 5:00 p.m., New York City time, on Tuesday, January 25, 2011. The offer had previously been scheduled to expire on January 19, 2011.
As previously announced on December 21, 2010, the Antitrust Division of the United States Department of Justice (DOJ) issued requests for additional information and documentary material ("Second Request") in connection with its review of the transaction. ABB and Baldor believe the DOJ will conclude its review and clear the transaction shortly. The closing conditions relating to all other regulatory approvals, including non-US antitrust clearances and clearance from the Committee on Foreign Investment in the United States (CFIUS) have already been satisfied. Subject to satisfaction of all other closing conditions to the transaction, ABB and Baldor expect to close the transaction shortly after the expiration of the tender offer.
The offer is being made subject to and in accordance with the terms and conditions of the merger agreement entered into between ABB and Baldor as of November 29, 2010.
At the close of business on January 19, 2011, a total of approximately 42,146,603 shares of common stock of Baldor, which represents 88.8% of the 47,454,113 outstanding shares, have been tendered and not withdrawn pursuant to the tender offer.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 117,000 people.
Baldor markets, designs and manufactures industrial electric motors, mechanical power transmission products, drives and generators. Baldor employs approximately 7,000 people and is headquartered in Fort Smith, Arkansas, USA.
