Waldemar Schmidt has resigned as chairman of Danish satellite communications equipment manufacturer Thrane & Thrane, following a decision by the company’s board to reject a takeover offer from UK-based aerospace and defence technology firm Cobham.
In…
Waldemar Schmidt has resigned as chairman of Danish satellite communications equipment manufacturer Thrane & Thrane, following a decision by the company’s board to reject a takeover offer from UK-based aerospace and defence technology firm Cobham.
In a statement on 26 March, the company said: “Waldemar Schmidt has informed the board of Thrane & Thrane A/S that he resigns with immediate effect as chairman of the company, since he does not agree with the majority of the board upon the future of Thrane & Thrane.”
Schmidt declined to comment further on the reasons behind his resignation. But his move came after Thrane suspended talks with potential buyers until its financial adviser, FIH Partners, has concluded a strategic review of its assets.
On 13 March, Thrane revealed that its board had rejected a DKr2.42bn (US$427m) takeover attempt by Cobham. This bid, comprising DKr420 (US$74) per share, represented an acquisition multiple of almost 12.5 times Thrane’s 2011 EBIT. Cobham has since withdrawn this offer but has said it could reconsider its position.
Thrane board member Morten Eldrup-Jørgensen has been elected to replace Schmidt, who had been the company’s chairman since September 2000. Jim Hagemann Snabe, co-CEO of German software firm SAP AG, who is also currently a member of the board, has been elected deputy chairman.
In a joint statement, Thrane’s board said: “Based on his extensive management experience from Danish and international companies, Mr. Schmidt has been an extremely competent chairman, making a great and valuable contribution to the company. The Board wishes to extend its thanks to Mr. Schmidt for his services.”
Thrane expects to announce the result of its strategic review no later than 14 May.
