Viking Proposed Acquisition of Tecnotree
Business Wire India
Following the Tecnotree AGM which took place last week, Viking’s nominees to the Tecnotree Board of Directors were not elected to the Board. This was an extremely disappointing result.
Viking has shown its commitment over time, notably by becoming Tecnotree’s largest single shareholder and largest creditor of the company. It was strongly felt that the best path forward for a collaborative process and outcome involved Viking’s presence on the Board. Viking would like to thank the Tecnotree Board for its support and unanimous recommendation of its nominations.
Viking has demonstrated its commitment to the Tecnotree ecosystem with its recent Tender Offer, its subsequent extension, and its substantial buying of Tecnotree shares in the open market. Viking has also funded a full PR campaign to ensure that all shareholders were aware of its Tender Offer and the benefits.
Following the Tender Offer Viking has continued to work towards a collaborative outcome, making several alternative proposals providing long-term stability for Tecnotree’s customers. At this point, it will come as no surprise that Viking does not feel continued dialogue with Tecnotree will be productive.
However, Viking wishes to reassure all Tecnotree stakeholders of its continued interest in the Tecnotree intellectual property and customers. Viking believes that a vibrant future is possible for this ecosystem. Viking will continue to explore opportunities to be involved with this ecosystem and welcomes all enquiries regarding its activity and operations.