Freudenberg's acquisition of Low & Bonar, announced in September 2019, has recived phase one clearance for approval under the EU Merger Regulation (“EUMR”) from the European Commission (“Commission”). The application was submitted in March 2020 following extensive preliminary discussions and in agreement with the commission. A decision on the application was received on April 17, 2020.
Completion of the acquisition remains subject to the satisfaction or waiver of the remaining conditions to the offer, including the sanction of the scheme of arrangement by the Scottish Court. Given the current disruption due to the COVID-19 pandemic, it is not yet possible to establish a definitive timetable for completion of the transaction. Further announcements will follow as appropriate.