One of the closing conditions of the acquisition was that Palfinger had to get acceptances for at least 90% of TTS shares on a fully diluted basis.
On the expiry of the acceptance period at 16:30 on 12th August, 2016, this condition had not been fulfilled.
Shareholders who have accepted the offer were released from their obligations, as were bondholders who entered into separate undertakings with Palfinger.
“We are surprised that the transaction will not be completed. We will now fully concentrate our energy on execute executing our stand-alone strategy. Short term focus will be on operational efficiency,” said Toril Eidesvik, TTS Group CEO.
“Being one of the top three suppliers worldwide in its specialised market segments - with a particularly strong foothold in a Chinese market that accounts for 40% of global shipbuilding - TTS is well positioned for future growth. The company will continue to pursue with full strength its market strategy to provide complete package solutions for main players within the industry.
“This means that the strategic process, which was announced 12th February, 2015 has come to an end. In the coming months, we will focus on refining our strategy and action plans for 2017 and beyond.
“Our fully committed TTS colleagues possess unique competence and knowledge and I am sure that they will do their very best to fulfill TTS Group's potential. The world economy indicates some rough seas ahead, which makes it even more important than ever to focus on good work processes and efficient value chains,” Eidesvik concluded.