Good news about CIMOS
Ljubljana, July 13th 2016 - After several months of intense negotiations the sales process of Cimos enters now its decisive stage. The binding offer of Palladio Finanziara, which has significant experience in successful restructurings of automotive companies, has been accepted by the consortium of major shareholders of Cimos today, together with the roadmap of next steps which shall take the sales process to the final closing.
Palladio Finanziara has concluded an agreement with the sellers' consortium on exclusive negotiations, within the framework of which it shall complete the final activities necessary for the signature of the Share Purchase Agreement (SPA) on September 9, 2016 at the latest. Key milestones until then are the draft of the SPA that shall be prepared and accepted until August 4, 2016, as well as the commitment with all bilateral banks until September 2, 2016.
Dr. Imre Balogh, DUTB's CEO, said: "I am more than glad that we reached this crucial milestone as a result of strong commitment and dedication from all participants. Cimos has come a long way and made great progress in restructuring its activities in past years, and this transaction, when completed, will open a new chapter in its development. I sincerely hope that our further efforts to negotiate and reach the final agreement in the period ahead of us until closing, will secure a bright future for this company.
Marko Jazbec, SDH's President of the Management Board, said: "I am pleased that we reached this phase of the sales process thankfully to continuous efforts from Palladio's team, our shareholders, Cimos' management and employees, suppliers and customers of Cimos, our project team members and all other people who supported us during the sales process. I hope we will be able to rely on their continued efforts in our further negotiations reach a final agreement that will be in the best interest of Cimos."