Germany’s First Sensor receives offer from TE Connectivity

By BLOOMBERG

NEW YORK • First Sensor AG said it received an offer from TE Connectivity Ltd.

“First Sensor has received a legally non-binding expression of interest with an indicative offer price of approximately €28 per share,” the company said in a statement after Bloomberg News reported on the talks. That’s a 14% premium on its closing price of €24.65 last Friday.

The offer would value the German maker of electronic sensors used in industrial and medical equipment at €285.6 million (RM1.34 billion), according to data compiled by Bloomberg. Shares in the Berlin- based company are up 16% this year, valuing it about €252 million.

Buyout firm DPE Deutsche Private Equity BV said in October it was considering a sale of its 36% stake in First Sensor. As part of the sale, DPE Deutsche said that whoever acquired the stake may have to make an offer for the whole company. “It is currently not possible to predict whether TE Connectivity will make a takeover offer,” First Sensor said in the statement. “First Sensor will inform the capital market and the public about the progress in accordance with the legal requirements.”

TE Connectivity, based in Schaffhausen, Switzerland, makes electronic components used in industries including automotive, aerospace and telecommunications.

The US-listed company has made several acquisitions in recent years, including Hirschmann Car Communication GmbH in 2017, to bulk up its technology for connected and autonomous cars. Its shares closed at US$86.67 last Friday, valuing the company at US$29 billion (RM121.8 billion). — Bloomberg