Monday, April 9, 2012
Cobham Increases Interest in Thrane & Thrane
Cobham has purchased more than 1 million shares in Thrane & Thrane, bringing its interest up to more than 25 percent of the company, Cobham said Friday.
On March 12, Cobham said it withdrew its proposal to purchase the company because Thrane & Thrane's board could not recommend the proposal. "In that announcement Cobham commented that its strategy is to build market leadership positions in its strategic business units, by investing in technology. SATCOM is one such technology and Thrane & Thrane remains an attractive potential partner. Cobham has therefore continued to follow events at Thrane & Thrane with interest," Cobham said.
A number of institutional investors expressed interest in selling their shares of Thrane & Thrane following the March 26 resignation of chairman Waldemar Schmidt. Cobham's share of the company is now 25.6 percent.
In the last decade, Cobham has acquired nearly 50 companies, including marine SATCOM business SeaTel and land SATCOM business TracStar.
Thrane & Thrane on Friday said its board continues the initiated strategic review of the opportunities, and expects to announce the results no later than May 14, 2012.