White & Case Advises Motherson Sumi Systems on Public Tender Offer for All Shares and Stock Options in PKC Group
Global law firm White & Case LLP has advised Motherson Sumi Systems Limited (MSSL), a leading specialized automotive component solutions provider based in India, on the €571 million voluntary recommended public tender offer for all shares and stock options in PKC Group Plc (PKC), a Finland-based designer and manufacturer of wiring systems and electronics for the commercial vehicle industry, rolling stock manufacturers and other selected segments.
"We advised MSSL on a strategically important transaction that will create a leading supplier of wiring systems and components for the worldwide transportation industry," said Helsinki-based White & Case partner Timo Airisto. "The prospect of the combination will create synergies and will increase value and service for MSSL's worldwide customers."
MSSL and PKC entered into a Combination Agreement on January 19, 2017 which launched the voluntary recommended tender offer. The transaction, which closed on March 27, 2017, was subject to a valid tender of more than 90 percent of PKC shares by PKC shareholders and clearance from antitrust authorities in the EU, the United States and other applicable competition authorities.
The White & Case team which advised on the transaction was led by partner Timo Airisto (Helsinki) and included partners Petri Avikainen, Mikko Hulkko (both Helsinki), Pontus Lindfelt (Brussels) and Rebecca Farrington (Washington, DC), with support from associates Heidi Hietanen, Benjamin Tuiskula, Alli Soralahti, Jon Termonen, Sarianna Järviö (all Helsinki), Matteo Giangaspero, Sebastian Multala (Brussels) and Lynn Diamond (New York).
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