Swedish high-technology engineering and steelmaking group Sandvik has announced that its offer to the minority shareholders of its subsidiary Seco Tools, one of the world's largest manufacturers of innovative metal-cutting tools, has been accepted by shareholders representing 55,741,645 class B shares in Seco Tools, corresponding to 38.3 percent of shares and 10.4 percent of votes.
Sandvik, alongside its subsidiaries, currently holds 98.7 percent of shares and 99.6 percent of votes in Seco Tools. Sandvik's board of directors has decided to issue 69,195,888 new shares in the company as consideration for Sandvik's acquisition of shares in Seco Tools.
Sandvik also stated that it has extended the offer until January 26, 2012 to allow the shareholders who have not accepted the offer to do so.