European Commission grants approval acquisition Low & Bonar by Freudenberg
Following the announcement of the offer published in September 2019 for Freudenberg’s planned acquisition of Low & Bonar PLC, the formal application for approval under the EU Merger Regulation (“EUMR”) from the European Commission (“Commission”) was submitted in March 2020 following extensive preliminary discussions and in agreement with the Commission. A decision on the application was received on April 17, 2020.
The Commission has granted an unconditional Phase 1 clearance under the EUMR. Completion of the acquisition remains subject to the satisfaction or waiver of the remaining conditions to the offer, including the sanction of the scheme of arrangement by the Scottish Court. Given the current disruption due to the COVID-19 pandemic, it is not yet possible to establish a definitive timetable for completion of the transaction. Further announcements will follow as appropriate.