Stewarts pick up healthy PDL premium

French company Schneider Electric, which previously owned 28% of the PDL, has paid $12 a share for the Stewart family's 59.56% holding - a 20% premium above last week's closing price of $10 a share.

The purchase takes Schneider's total holding to 87.9%.

The deal to buy the shares from the Stewart family was finalised last week, conditional upon Schneider having beneficial ownership of at least 90% of the total share capital of the company.

The other major shareholder in PDL is Hong Kong-based Gold Peak Industries, which is currently in the throes of receiving tenders for just over 2% of shares that the High Court has ordered it to sell.

It's likely to be those share that Schneider is counting on to take it above the 90% threshold, after which it can move to compulsorily acquire the rest of the company should it wish.

The settlement date for purchasing the Stewart holding is June 29 and the total purchase price is $97.142 million.

PDL boss Mark Stewart says the reason behind the sale is that the family was determined to see the business become a successful international company.

"After considerable soul searching and consideration of all matters, we believe that the time is right for there to be a transition in the overall control and ownership of the PDL Group.

"As a truly international company, our considerable talents can be developed and our products and solutions become recognised around the world. We are very aware that, unless we are aligned with a global player, this ambition will not be realised."

Mr Stewart says many people would be surprised that the family had considered selling their shares in PDL after 55 years of involvement with the company, but that the family saw PDL as a logical fit within the Schneider Electric global business.

Mr Stewart will continue as the company's CEO.

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