PMJ's Annual General Meeting rejects the planned merger

Citation

(2000), "PMJ's Annual General Meeting rejects the planned merger", Soldering & Surface Mount Technology, Vol. 12 No. 2. https://doi.org/10.1108/ssmt.2000.21912bab.023

PMJ's Annual General Meeting rejects the planned merger

Keywords PMJ, Mergers and acquisitions

PMJ's Annual General Meeting resolved to reject the proposal of the company's board of directors concerning the merger of PMJ and JOT automation Group Oyj. In the ballot, 97.85 percent of the votes cast at the meeting opposed the merger and only 2.15 percent were in favour of it.

Before voting on approval of the merger plan per se, remarkable demands for a pre-emptive purchase of shares were brought forth at the Annual General Meeting. In the ballot that was held thereafter, PMJ's principal shareholder, President Markku Jokela, also opposed the merger. Markku Jokela observed that "The planned merger was one alternative for developing business operations. Now PMJ will continue in accordance with its previous growth strategy and develop further its full-service concept in line with customers' needs." Mr Jokela also observed that the net sales target for the current year is still over EUR 70 million, and the company's profitability will improve compared with last year's despite the additional costs resulting from preparations for the merger.