GE (NYSE:GE) announced on October 27 that it has changed the terms of its tender offer for all of the outstanding shares of Arcam AB of Sweden and has extended the acceptance period until 5 pm CET on November 10.
Whilst GE has increased the offer price for each Arcam share to 300 SEK, the company states that it will not further increase the price of the offer. GE has also reduced the minimum acceptance threshold to 75%. The Arcam board of directors continues to unanimously recommend that Arcam’s shareholders accept GE’s offer.
“We have taken further steps to pursue Arcam ownership as we advance our additive strategy,” stated David Joyce, GE Vice Chairman and President and CEO of GE Aviation. “We are delighted to achieve the strategic cornerstone in our additive strategy by announcing today our acquisition of Concept Laser. The Arcam offer is a next step in our strategy. We have become the partner of choice in the additive space and are receiving numerous requests for alternative ways to accelerate our strategy.”