Eurocopter Holding Acquires 98.32% Of Vector Aerospace Corporation Shares Following C$13.00/Share Cash Offer
Leiden, The Netherlands and Toronto, Canada –Eurocopter Holding, a subsidiary of EADS (EUR:EAD), and Vector Aerospace Corporation (TSX:RNO), a Canadian corporation listed on the Toronto Stock Exchange, announced today that all of the terms and conditions of the offer by 762798 Canada Inc. (the “Offeror”), to acquire at a price of C$13.00 in cash per share, all of the outstanding Common Shares of Vector Aerospace, including all shares that may be issued on the exercise of options granted under Vector Aerospace’s share option plan (the “Offer”), have been satisfied prior to the expiry of the Offer at 2:00 p.m. (Toronto time) on June 30, 2011.
The acquisition of Vector Aerospace will help to increase the growth of Support & Services activities for Eurocopter and EADS in both the civil and governmental markets. Vector Aerospace will also strengthen EADS’ presence in North America and the UK, in alignment with the company’s strategic goals as outlined in EADS’ Vision 2020 plan.
Marwan Lahoud, Chief Strategy & Marketing Officer of EADS, said: "We are pleased that Vector Aerospace will now become part of the EADS Group having received all the necessary regulatory approvals and achieved the required shareholder acceptance level. The inclusion of Vector will help EADS achieve its long-term strategic goals of increasing its services activities and exposure to the very important North American aerospace market."
Lutz Bertling, CEO of Eurocopter, said: "The acquisition of Vector marks an important step to position Eurocopter as a more significant global player in the aviation support and services industry. While Vector will continue to operate as an autonomous company, keeping its successful brand name, the complementary nature of our respective worldwide networks will enable us to develop our activities, both faster and more efficiently—for the benefit of our customers."
Declan O'Shea, CEO of Vector Aerospace, added: "Becoming part of Eurocopter and the EADS Group is perhaps the single most important event in our company's history as it elevates us into a different echelon of aviation maintenance, repair and overhaul providers. Through the association with EADS and Eurocopter we can access additional markets for our MRO services thanks to being part of one of the world's most successful aerospace companies.”