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STOCKHOLM — German automotive supplier SAF Holland said it was offering 3.2 billion Swedish crowns ($325 million) in cash for all the shares it does not own in Stockholm-listed Haldex, sending shares in the brakes maker surging more than 40 percent.
Haldex said its board unanimously recommended the bid, calling the 66 crowns per share offer “a fair cash price.”
Shareholders representing 22.5 percent of Haldex have undertaken to accept the offer.
It is SAF Holland’s second go at acquiring Haldex after a failed attempt in a bidding war in 2016.
German rivals Knorr-Bremse and ZF Friedrichshafen also failed in their takeover attempts.
Haldex shares spiked 44 percent in Wednesday morning trade to 64.80 crowns, just under the offer price.
In addition to the 22.5 percent of shares that SAF Holland has secured agreements for, the German company said it has already acquired 14.1 percent of Haldex’s outstanding shares.
Of that 9.2 percent was purchased from top shareholder Knorr-Bremse.