Wienerberger acquires 32% of Baggeridge and raises its cash offer
- Purchase of 32% of Baggeridge shares from the family, management
and other shareholders for 230 pence per share
- Increase to recommended cash offer to 230 pence per share
- Offer now only conditional upon acceptance of more than 50% of the
Baggeridge shares (including the already purchased 32%)
Vienna, June 6, 2007 - The Board of Wienerberger is pleased to
announce that it has purchased 32% of the outstanding shares in
Baggeridge Brick PLC at a price of 230 pence per share. These shares
represent the former irrevocable undertakings from the members of the
Baggeridge Board of Directors as well as the trustees of the P.A.
Ward family trust, P.A. Ward and other shareholders. According to
rule 9.1. of the British Takeover Code, Wienerberger therefore raises
its cash offer for all Baggeridge shares to 230 pence per share which
equals GBP 94.3 million for 100% of this company. This revised offer
is now only conditional upon acceptance of more than 50% of the
shares in Baggeridge (including the already purchased 32%). The full
terms and conditions will be detailed in the Revised Offer Document
which will be posted to Baggeridge Shareholders shortly. The offer
will remain open for a period not less than two weeks following the
posting of the Revised Offer Document.
Attractive premium to quickly acquire, integrate and develop
Baggeridge
"The purchase of the 32% stake in Baggeridge is a significant step
taken by Wienerberger towards gaining control. The price marks a very
attractive premium and at 230 pence per Baggeridge Share represents
better value than any rumored Michelmersh offer. We now look forward
to an exciting future and to help finally bring to the end some of
uncertainty that has been surrounding Baggeridge, its business, its
management and its employees", stated Wolfgang Reithofer, CEO of
Wienerberger AG. "With this increased offer we reiterate our
commitment to quickly acquire, integrate and further develop the
Baggeridge activities in the United Kingdom and Ireland", added
Reithofer.
Strong support and recommendation by Board of Baggeridge
"The Board of Baggeridge continues to believe strongly in the merits
of combining the UK operations of Baggeridge and Wienerberger and of
Baggeridge becoming part of the world's No. 1 brick producer. This
view is expressed in terms of certainty of value to shareholders, the
prospects for our employees and pensioners and the benefits to other
stakeholders. We continue to recommend all Baggeridge shareholders
who have not accepted the Offer to accept the Revised Offer",
concludes Alex Ward, Chairman of Baggeridge Brick PLC.
For additional information contact:
Thomas Melzer, Public and Investor Relations
T +43(1)60192-463 | communication@wienerberger.com
Download the press release from: www.wienerberger.com
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Wienerberger AG
Wienerbergstraße 11 Vienna Austria
ISIN:
AT0000831706; Index: WBI;
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