Pfleiderer Submits Takeover Bid for Pergo
MUNICH, Germany -- Pfleiderer AG will announce today a voluntary takeover offer (the 'Offer') for all of the shares in Pergo AB (publ.). Pfleiderer AG will submit the Offer via its indirectly wholly owned subsidiary Pfleiderer Sweden AB at an offer price of SEK 51 in cash per share in Pergo. Currently, 53,569,685 shares in Pergo are outstanding. Accordingly, the total value of the offer amounts to SEK 2,732 million (approx. EUR 300 million). The shares in Pergo are listed in the Mid Cap Industrials sector of the Nordic Stock Exchange under symbol 'PERG'.
The Offer represents a premium of 13.6 per cent compared to the closing price of the Pergo share on 11 January 2007 of SEK 44.9 and a premium of 17.2 per cent compared to the volume weighted average price of SEK 43.5 during the last 20 trading days prior to the suspension of trading of the Pergo share on 12 January 2007 which preceded the announcement of the Offer.
The board of directors of Pergo has unanimously recommended Pergo shareholders' to accept the Offer. In addition, Pfleiderer Sweden AB has received irrevocable undertakings to accept the Offer from major shareholders of Pergo together representing 41.9 % of the shares in Pergo.
The Offer contains the usual conditions and among them the condition that the Offer should be accepted by at least 90 % of the total number of shares in Pergo as well as the receipt of all necessary anti-trust approvals. Pfleiderer Sweden AB may waive conditions partially or entirely. The acceptance period for the Offer is expected to begin during the week commencing 29 January 2007 and run for about four weeks. Subject to the approval of the anti-trust authorities the settlement of the Offer is expected to begin about a week after the end of the acceptance period.
The Pfleiderer cash offer is fully financed. Pfleiderer AG will issue today a press release in compliance with Swedish and other applicable laws and regulations. This press release will be publicly available in the internet under www.pfleiderer.com. The offer document will be made available in the internet at a later point in time.
This announcement does not constitute an invitation to purchase any securities pursuant to the Offer or otherwise. The Offer will be made solely by the offer documents, which will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted.
Pfleiderer AG Management board
Contacts
PFLEIDERER AG
Gala Conrad
Leiterin Unternehmenskommunikation/ Investor Relations
Tel.: + 49 (0) 91 81 / 28 - 8491
Fax: + 49 (0) 91 81 / 28 - 606
E-Mail: gala.conrad@pfleiderer.com
Richard Berg
Telefon.: + 49 (0)9181 / 28 - 8044
Fax: + 49 (0)9181 / 28 - 606
E-Mail: richard.berg@pfleiderer.com
The Offer represents a premium of 13.6 per cent compared to the closing price of the Pergo share on 11 January 2007 of SEK 44.9 and a premium of 17.2 per cent compared to the volume weighted average price of SEK 43.5 during the last 20 trading days prior to the suspension of trading of the Pergo share on 12 January 2007 which preceded the announcement of the Offer.
The board of directors of Pergo has unanimously recommended Pergo shareholders' to accept the Offer. In addition, Pfleiderer Sweden AB has received irrevocable undertakings to accept the Offer from major shareholders of Pergo together representing 41.9 % of the shares in Pergo.
The Offer contains the usual conditions and among them the condition that the Offer should be accepted by at least 90 % of the total number of shares in Pergo as well as the receipt of all necessary anti-trust approvals. Pfleiderer Sweden AB may waive conditions partially or entirely. The acceptance period for the Offer is expected to begin during the week commencing 29 January 2007 and run for about four weeks. Subject to the approval of the anti-trust authorities the settlement of the Offer is expected to begin about a week after the end of the acceptance period.
The Pfleiderer cash offer is fully financed. Pfleiderer AG will issue today a press release in compliance with Swedish and other applicable laws and regulations. This press release will be publicly available in the internet under www.pfleiderer.com. The offer document will be made available in the internet at a later point in time.
This announcement does not constitute an invitation to purchase any securities pursuant to the Offer or otherwise. The Offer will be made solely by the offer documents, which will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted.
Pfleiderer AG Management board
Contacts
PFLEIDERER AG
Gala Conrad
Leiterin Unternehmenskommunikation/ Investor Relations
Tel.: + 49 (0) 91 81 / 28 - 8491
Fax: + 49 (0) 91 81 / 28 - 606
E-Mail: gala.conrad@pfleiderer.com
Richard Berg
Telefon.: + 49 (0)9181 / 28 - 8044
Fax: + 49 (0)9181 / 28 - 606
E-Mail: richard.berg@pfleiderer.com
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