William Demant Holding A/S
Agreement between HearUSA Inc. and William Demant Holding A/S on transfer of assets will expire
William Demant Holding A/S 01.08.2011 22:18 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Company announcement no 2011-06 1 August 2011 Agreement between HearUSA Inc. and William Demant Holding A/S on transfer of assets will expire As a consequence of the now completed auction and subsequent hearing in the United States Bankruptcy Court, Southern District of Florida concerning the acquisition of most of the assets and liabilities in the hearing aid chain HearUSA Inc. (see Company Announcement no 2011-05), please be informed that the court did not find the final bid from William Demant to be the best and most attractive bid to the stockholders of HearUSA. By HearUSA's completion of the transaction with the highest bidder (closing), the agreement entered into prior to the auction process, when William Demant was selected as stalking horse bidder, will expire. As a consequence of this, HearUSA will be obliged to pay William Demant a break-up fee of USD 2 million and to repay the bridge financing of USD 10 million (DIP loan) made available during the bankruptcy proceedings. The outcome will not affect William Demant's previously announced expectations of the year. ¨ ¨ ¨ ¨ ¨ ¨ ¨ Further information: Other contacts: Niels Jacobsen, President & CEO Stefan Ingildsen, SVP Finance, phone +45 3913 8509 Phone +45 3917 7100 Søren B. Andersson, VP Investor Relations, phone +45 3913 8967 www.demant.com Morten Lehmann Nielsen, IR Manager, phone +45 3913 8280 01.08.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: William Demant Holding A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010268440 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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