Timeline: Developments in attempts to acquire Draka

BEIJING (BestGrowthStock) – Dutch cable maker Draka (DRAK.AS: ) is considering a takeover offer from China’s privately held Xinmao Group, which swooped in with an unexpected bid after Draka had agreed to be acquired by Italy’s Prysmian (PRY.MI: ).

Here is a chronology of developments in the attempts to acquire Draka:

2009 – Prysmian fails in a bid to acquire Draka, with the two sides unable to agree on financial terms.

2010 – October 14 – Dutch press reports say the secretive family investment fund Flint Beheer, Draka’s largest shareholder with 48.5 percent ownership, is seeking to sell its share in the Dutch cable maker and is holding talks with France’s Nexans (NEXS.PA: ), the world’s largest cable maker, and Italy’s Prysmian.

October 18 – Nexans makes a bid to acquire Draka at 15 euros per share in cash, or 730 million euros. Flint initially supports the offer but Nexans is rebuffed by Draka, which says the offer undervalues the company.

October 19 – Draka shares close 4 percent higher than Nexans’ offer. Nexans considers raising its offer, according to a source close to the deal.

October 28 – Nexans declines to sweeten its offer, which is says recognizes Draka’s full value. Nexans CEO Frederic Vincent tells Reuters he is interested in all of Draka’s business components.

November 3 – Vincent tells Dutch media that he would break apart Draka if Nexans’s offer is accepted, and sell off Draka’s telecommunications unit.

November 22 – Draka officially rejects the unsolicited offer from Nexans in favor of a half-cash, half-shares counteroffer from Prysmian at 17.2 euros per share, or 840 million euros, which is supported by the Flint Beheer fund. The two companies expect the deal to close in the second quarter of 2011. Hours later Xinmao Group unexpectedly proposes to acquire Draka for 20.5 euros per share, or about 1 billion euros.

November 23 – Draka and Prysmian express their desire to merge, but Draka says it will nevertheless open discussions with Xinmao.

November 24 – Xinmao confirms its offer and says it has secured financing with a large Chinese bank. Nexans says it will not resubmit an offer for the Dutch firm but says it will closely follow the situation. The Chinese and Italian companies remain hopeful of acquiring Draka.

(Reporting by Gilles Guillaume; Edited by Jean-Michel Belot and Ken Wills)

Timeline: Developments in attempts to acquire Draka