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Written by / Agency / Source: ABB Robotics / ABB Ltd

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ABB and Baldor Receive Request for Additional Information from DOJ Relating to Pending Acquisition - ABB Ltd, and Baldor Electric Company, announced that the Antitrust Division of the DOJ has issued requests for additional information and documentary material (“Second Request”) in connection with its review of ABB’s pending acquisition of Baldor
ABB and Baldor Receive Request for Additional Information from DOJ Relating to Pending Acquisition

 

NewswireToday - /newswire/ - Zurich, Switzerland, 2010/12/22 - ABB Ltd, and Baldor Electric Company, announced that the Antitrust Division of the DOJ has issued requests for additional information and documentary material (“Second Request”) in connection with its review of ABB’s pending acquisition of Baldor. NYSE: ABB

   
 
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ABB Ltd (NYSE: ABB), the leading power and automation technology group, and Baldor Electric Company (NYSE: BEZ), a North American leader in industrial motors, announced today that the Antitrust Division of the United States Department of Justice (DOJ) has issued requests for additional information and documentary material (“Second Request”) in connection with its review of ABB’s pending acquisition of Baldor. ABB and Baldor believe that the DOJ issued the requests in order to give itself additional time to complete its review of the transaction. Both parties remain confident that the DOJ will conclude that the transaction raises no antitrust concerns.

As previously disclosed, on December 8, 2010, ABB’s subsidiary, Brock Acquisition Corporation, commenced a cash tender offer for all of the outstanding shares of common stock of Baldor at a price of $63.50 per share, in accordance with the terms and conditions of a merger agreement entered into between ABB and Baldor as of November 29, 2010. The closing of the tender offer is subject to customary terms and conditions, including the expiration or termination of the applicable waiting period under Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. While a definitive closing date cannot yet be determined, ABB and Baldor maintain their expectation that the transaction will close in the first quarter of 2011.

The tender offer is scheduled to expire at 12:00 midnight, New York City time, on the night of Monday, January 10, 2011, unless extended pursuant to the terms of the merger agreement or the applicable rules and regulations of the SEC. Any extension of the offer will be announced no later than 9:00 am, New York City time, on the first business day following the scheduled expiration time.

ABB (abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 117,000 people.

 
 
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Written by / Agency / Source: ABB Robotics / ABB Ltd

 
 

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ABB and Baldor Receive Request for Additional Information from DOJ Relating to Pending Acquisition

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Publisher Contact: Thomas Schmidt - ABB.com 
+41 43 317 6568 media.relations[.]ch.abb.com
 
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