Paris, October 9, 2007 - Sonepar announces it is preparing an all cash offer to acquire all of the outstanding ordinary shares in Hagemeyer's N.V. ("Hagemeyer"), including any shares issued under the outstanding subordinated convertible bonds and existing employee share plans (the "Offer").
To that end, Sonepar has notified Hagemeyer yesterday evening of its intention to make the Offer and invited the Management Board and the Supervisory Board of Hagemeyer (collectively the "Boards") to a meeting to discuss the intended Offer and to explore whether the intended Offer could receive the support and recommendation from each of the Boards. Sonepar prefers such Offer to be supported and recommended by each of such Boards of Hagemeyer.
In view of an orderly market, Sonepar confirms that it has proposed an indicative price of EUR 4.25 in cash per ordinary share in the fully diluted share capital of Hagemeyer. The Offer will be subject to conditions customary for this type of transaction, waivable by Sonepar, including receipt of the requisite regulatory (anti-trust) approvals, no material adverse change and confirmatory due diligence. Sonepar has already secured underwriting by reputable banks for the full amount of the contemplated Offer.
Sonepar intends to combine the qualities of both Hagemeyer and Sonepar management and associates which will allow the new combination to make best use of such incremental forces and skills thus accelerating improvements, innovations and developments towards our customers and suppliers.
This is an announcement in accordance with section 9b(2) and section 9d(2) of the Dutch Securities Markets Decree (Besluit toezicht effectenverkeer 1995).
PROFILE SONEPAR
Sonepar Group is a worldwide technical solutions provider to electrical
industry professionals. With 9.45 billion euros of turnover in 2006, and a double digit average growth for the last 20 years, Sonepar is now operating with more than 23 000 associates in 29 countries on four continents.
Sonepar is a family owned group, with strong corporate values, solid performances and balance sheet, and a decentralized structure which altogether have enabled the company to pursue a continuous steady growth, on a self- financed basis.
Founded in 1969 in France by the families Coisne and Lambert under the leadership of former airforce officer Henri Coisne, Sonepar grew rapidly thanks to the long term commitment of its shareholders and management, who share the common will to build a lasting and strongly developing professional company.
In 1982, through the acquisition of then equal size Dutch peer Otra NV, the group began to build its European dimension, and has pursued international expansion thereafter through targeted acquisitions in North and South America and Asia.
It is at the heart of a €210 billion global market which covers increasing number of electrical applications and innovations , fast-changing product technologies, safety and energy savings solutions and the need for new services .Such accelerating sophistication and growing volumes call for further consolidation to serve efficiently market needs.
|
If you like this article and want to share it with friends, please use the social links below:
|
Back