Thrane & Thrane A/S
Cobham increases its offer for Thrane & Thrane

Thrane & Thrane A/S 

03.05.2012 08:23

Dissemination of a Adhoc News, transmitted by DGAP - a company of
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The issuer is solely responsible for the content of this announcement.

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  -- Cobham increases its offer price from DKK 420 to DKK 435 per share
  -- The board of directors recommends to the shareholders that they accept the
     offer
  -- Lars Thrane accepts the offer

Cobham PLC (through Lockman Electronic Holdings Ltd.) and the board of
directors of Thrane & Thrane A/S have reached an agreement on the terms of an
increased offer for the shares of Thrane & Thrane. 

The offer price is increased from DKK 420 to DKK 435 in cash per share of DKK
20. At the same time, the board of directors of Thrane & Thrane has declared
that it will recommend to the shareholders that they accept Cobham's increased
offer. 

The increased offer price corresponds to a combined increase of approximately
DKK 90 million of the value of the company's share capital. The increased price
represents a premium of 48% to the market price prior to the 27 February 2012
announcement of a potential offer, against the previous premium of just under
43%, and the price represents a multiple of 15.4 times the operating profit
(EBIT) in the twelve-month period leading up to the most recent interim report. 

Lars Thrane, member of the board of management, who owns approximately 24% of
the shares of Thrane & Thrane, has undertaken to accept the increased offer. 

'The board of directors is pleased to recommend to the shareholders that they
accept Cobham's offer. Through constructive negotiations, we have achieved an
increased, attractive price of the shares of Thrane & Thrane, and the strategic
review performed has strengthened our belief that a combination with Cobham in
the current situation would be the best option for the company's shareholders
and other stakeholders', says Morten Eldrup-Jørgensen, chairman of Thrane &
Thrane. 

'Thrane & Thrane's founders, employees and managers can be proud of the fact
that, since the inception 31 years ago, they have brought the company so far
and made it so strong that its shares, based on the offer, represent a value of
DKK 2.5 billion. The board of directors is confident that, together with
Cobham, many attractive and interesting development opportunities lie in wait
for Thrane & Thrane's skilled employees, both from a technical and commercial
viewpoint', says Morten Eldrup-Jørgensen. 

In compliance with Section 14 of the Danish Take Over Order, the board of
directors of Thrane & Thrane must prepare a statement in respect of the offer.
The statement is expected to be announced later today. 

Cobham (Lockman Electronic Holdings Ltd.) is expected to publish a supplement
to its offer document dated 19 April 2012 without undue delay. The offer will
remain open until 21 May 2012. 

Reference is made to Cobham's announcements dated 12 March, 5 April, 10 April,
19 April and 3 May 2012 and to company announcements from Thrane & Thrane dated
27 February, 12 March, 26 March, 5 April, 10 April and 19 April 2012. 


Contact
Morten Eldrup-Jørgensen, Chairman
Tel. (+45) 26 18 77 80 (mobile)
News Source: NASDAQ OMX



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Language:     English
Company:      Thrane & Thrane A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010279215
WKN:          
 
End of Announcement                             DGAP News-Service
 
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