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News Details

Methode Announces Final Results of Subsequent Offer for Shares of Nordic Lights Group Corporation

May 11, 2023

CHICAGO, May 11, 2023 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, announced that, further to the news release on May 9, 2023, regarding the preliminary results of its subsequent offer for remaining outstanding shares of Nordic Lights Group Corporation, the final results confirm that:

  • 1,400,934 shares were validly tendered during the subsequent offer period representing approximately 6.7 percent of the share capital of Nordic Lights; and
  • together with the shares validly tendered during the original offer period (which expired on April 14, 2023) and which have otherwise since been acquired by Methode, this represents approximately 99.4 percent of the share capital of Nordic Lights.

Methode will settle the total consideration of EUR 8,657,772.12 due to shareholders who tendered in the subsequent offer with a combination of cash on hand and debt financing under its existing credit facility on or around May 12, 2023. Together with the consideration already paid to shareholders who tendered during the original offer period or who otherwise sold their shares to Methode outside of the offer, this represents a cumulative total consideration of EUR 131,008,867.55 in respect of all such shares acquired by Methode.

As previously announced, Methode intends to acquire all of the outstanding shares of Nordic Lights by way of compulsory redemption proceedings under Finnish law and apply for its delisting from Nasdaq First North Growth Market Finland as soon as reasonably practicable.

Nordic Lights is a premium provider of high-quality lighting solutions for heavy-duty equipment that focuses on five end-user segments: mining, construction, forestry, agriculture and material handling. They manufacture lights for three main application areas: work lights, driving lights and signal lights.

Moelis & Company LLC acted as exclusive financial advisor to Methode. Wachtell, Lipton, Rosen & Katz, together with Hannes Snellman Attorneys Ltd served as Methode’s outside legal co-counsel. Hill+Knowlton Strategies served as Methode’s communications advisor.

About Methode Electronics, Inc.
Methode Electronics, Inc. (NYSE: MEI) is a leading global supplier of custom-engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. We design, engineer, and produce mechatronic products for OEMs utilizing our broad range of technologies for user interface, LED lighting system, power distribution and sensor applications.

Our solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing infrastructure, construction equipment, consumer appliance, and medical devices. Our business is managed on a segment basis, with those segments being Automotive, Industrial, Interface and Medical.

Forward-Looking Statements
This press release contains statements that, to the extent they are not historical facts, constitute “forward-looking statements”. These forward-looking statements include expectations regarding future business strategies, growth plans, revenues and operating performance that are not historical information and speak only as of the date of this release. In some instances, they can be identified by the use of forward-looking terminology, including the terms “believes”, “intends”, “may”, “will” or “should” or, in each case, their negative or variations on comparable terminology. By their very nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on such forward-looking statements. These forward looking statements are subject to the safe harbor protection provided under the securities laws and Methode undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. The forward-looking statements in this press release involve a number of risks and uncertainties including, without limitation, as to the success of the Nordic Lights acquisition. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the Securities and Exchange Commission, such as our annual and quarterly reports.

For Methode Electronics, Inc.
Robert K. Cherry
Vice President Investor Relations

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Source: Methode Electronics, Inc.