Otis Receives Approval Results of Spanish Firm’s Tender

Otis Worldwide Corp. received the results of its voluntary public tender offer to acquire the remaining 49.98% interest in the Spanish firm Zardoya Otis S.A., the company reported on April 8. The Spanish National Securities Exchange Commission announced acceptances of the tender offer representing a little over 214-million shares, or 45.49% of shares outstanding, which will bring total Otis ownership to 95.51%. After accepting the more than 95% of the Zardoya Otis shares, Otis planned to execute a “squeeze out” provision to acquire the remaining interest, which will result in the automatic delisting of the Zardoya Otis shares from the Madrid, Barcelona, Bilbao and Valencia stock exchanges. That deal was set to complete in early May.