Nikon launches Metris bid, runs through July 22

BRUSSELS, June 24 (Reuters) - Metris METR.BR said Nikon (7731.T) on Wednesday launched its 5.50 euro ($7.74) per share buyout bid for the indebted Belgian measuring equipment maker, and said the initial offer would run through July 22.

The cash offer, for which Fortis Bank is acting as receiving and paying agent, was announced earlier this month and would value Metris at just under 70 million euros, according to Reuters calculations.

In a statement, Metris repeated its board of directors supported the bid and that certain shareholders, who together hold about 20.3 percent of Metris shares, had made a "firm commitment" to tender their shares to Nikon.

Belgian financial markets regulator CBFA said the offer was conditional, and that Nikon's subsidiary NIMD had to acquire, at the end of the initial bid period, at least 85 percent of Metris's shares.

It added that if at the end of the initial bid period, NIMD acquired at least 90 percent of Metris's shares, the bid would be reopened under the same conditions.

If at the end of the bid period or a possible reopened one, NIMD held at least 95 percent of Metris shares, it could proceed with a squeeze-out to acquire the rest of Metris's shares and warrants.

Metris, which makes measuring equipment mainly for the recession-hit aerospace and automotive sectors, has struggled to maintain revenues and control debt in the downturn.

Its net debt rose to 87 million euros at the end of 2008, from 52 million a year earlier. Core profit (EBITDA) was 3.7 million euros, down 76 percent year-on-year.

The company breached its debt covenants, but said in March that its lenders had agreed to waive the violations.

Metris stock traded at 5.42 euros per share as of 1442 GMT, more than double its closing price of 2.66 euros on May 26, before the shares were suspended pending the announcement of Nikon's bid.

(Reporting by Anne Jolis; Editing by David Cowell)