- Offer to be declared wholly unconditional in all respects
- Recommended cash offer of 247 pence per share
Vienna, June 15, 2007 - The Managing Board of Wienerberger is pleased to announce that it now holds, has agreed to acquire or has received valid acceptances which represent more than 50 per cent of Baggeridge. This follows yesterday's purchase of additional 10.3% of the outstanding shares in Baggeridge Brick PLC at a price of 247 pence per share from Trafalgar Asset Management Limited and RAB Capital PLC. In the course of this purchase, Wienerberger raises its cash offer for all Baggeridge shares to 247 pence per share which equals a Wienerberger purchase price of GBP 99.8 million for 100% of Baggeridge, taking into account the acquisition of the initial 32% at 230 pence. 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.
Offer to be declared wholly unconditional
On June 6, Wienerberger agreed to purchase a 32% stake 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. In addition the company had also received approximately 8% of valid acceptances of its offer. As a result of today's acquisition, Wienerberger now holds, has agreed to acquire or has received valid acceptances in respect of shares which represent more than 50% of the existing share capital of Baggeridge. Accordingly, Wienerberger will in due course declare the offer wholly unconditional.
Quick closing of acquisition of Baggeridge expected
Wolfgang Reithofer, CEO of Wienerberger AG, commenting on the proposed acquisition said: "We are very pleased finally to have agreed to secure a controlling stake in Baggeridge. As I have stressed last week, it was our intention to bring to an end the uncertainty to the company, its employees, and shareholders. With today's announcement of the purchase of a further 10% of the shares and the increase of our offer, we are confident that we can accelerate the positive closing of this acquisition and quickly integrate and develop Baggeridge within our group."
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