- Hard irrevocables received by the family, management and other shareholders for more than 32% of Baggeridge shares
- First closing date of June 6, 2007
- Acceptance condition of more than 50% of Baggeridge shares
Vienna, May 16, 2007 - Wienerberger, the world's largest producer of bricks and the number two in clay roof tiles in Europe, announces that it will post today the details of its bid to the shareholders of Baggeridge Brick PLC ("Baggeridge") for the acquisition of the British company. After the UK competition commission has cleared the transaction, Wienerberger is offering the shareholders of Baggeridge a cash offer of 220.00 pence per share. The increased offer reflects the full commitment of the Board of Wienerberger for the acquisition. Wienerberger has also received irrevocable undertakings to accept the offer for more than 32% of Baggeridge shares from all 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. These undertakings will remain binding even in the event that a higher competing offer is made. This offer follows the initial offer announced in August 2006 with a price of 216.00 pence per share less the 4.35 pence dividend that was paid on February 20, 2007. The acceptance of this offer by shareholders is possible up to and including June 6, 2007. In order for the offer to take effect, Wienerberger must receive acceptances of more than 50% of the shares in Baggeridge.
Further growth through merger of Baggeridge with Wienerberger
"We are convinced that the merger of Baggeridge with Wienerberger will provide numerous advantages for both companies. We see ourselves as a strategic partner who places a strong focus on the rapid integration and further development of the Baggeridge business. This acquisition will create excellent opportunities for further profitable growth and also strengthen our presence on the British and Irish markets", commented Wolfgang Reithofer, CEO of Wienerberger AG, on the offer.
