Advantech Acquires Major Stake in AURES Technologies

On Tuesday 1 October 2024, AURES Technologies announced that it has met the condition precedent in its binding investment agreement with Advantech. This follows the off-market acquisition by Advantech of 1,430,381 AURES shares from founder Patrick Cathala, at EUR 6.31 per share. With this acquisition, Advantech now holds 35.76% of AURES' share capital and 35.55% of the voting rights.

Advantech is also set to file a draft mandatory tender offer with the French Autorité des marchés financiers (AMF) on all outstanding AURES shares not held by Advantech. Upon receiving AMF's approval, a squeeze-out procedure could follow if Advantech crosses the 90% threshold.

In addition, AURES issued new convertible bonds, with Advantech subscribing to a first tranche of EUR 2,500,000. A second tranche is planned following the completion of the tender offer. Consequently, all AURES directors have resigned, and new directors representing Advantech have been appointed, with Mr. Ming Chih Chiang named Chairman and CEO.