ADC African Development Corporation AG
ADC supports the voluntary public exchange offer by Atlas Mara ++ Management and Supervisory Board consider it financially fair and recommend acceptance
ADC African Development Corporation AG / Schlagwort(e): Stellungnahme/Übernahmeangebot
Today the Management Board and the Supervisory Board of ADC African Development Corporation AG (“ADC”) published a joint statement on the voluntary public exchange offer (“the Offer”) by Atlas Mara Beteiligungs AG, an indirect and fully owned subsidiary of Atlas Mara Co-Nvest Limited (“Atlas Mara”). In the reasoned opinion statement, ADC Management and Supervisory Board have deemed the consideration of 1.25 Atlas Mara shares for each ADC share as financially fair, and recommend that the ADC shareholders accept the Offer. Renaissance Advisory Services Ltd. (“Renaissance Capital”) issued a fairness opinion which was used as part of ADC’s assessment of the Offer, concluding it to be fair.
ADC’s Management and Supervisory Board support the Offer made by Atlas Mara and endorse the Bidder’s objective to build a premier financial services group in sub-Saharan Africa. Integration into the enlarged Atlas Mara group would allow ADC shareholders to benefit from Atlas Mara’s potential to grow the existing business more quickly from a better-capitalized platform, with greater access to international talent in banking and financial services, and banking and IT-know-how in the African banking sector. Furthermore, a share swap into Atlas Mara may allow ADC shareholders to lower the risk associated with their investment in ADC and the underlying country risk through greater diversification of investments in different markets on the continent. ADC’s Management and Supervisory Board further welcome Atlas Mara’s London-based listing potentially offering significantly higher stock liquidity to shareholders and increasing the profile with large international investors. A complete version of the statement is available for download on ADC’s website: www.african-development.com/en/investor-relations/investor-information/combination/ Dirk Harbecke, CEO of ADC comments: “ADC welcomes and supports the Offer made by Atlas Mara. We are of the opinion that an offer, which equates to EUR 10.45 per ADC share, is fair. It offers ADC shareholders a premium of nearly 20% above the volume weighted average share price in the one month period prior to the publication of the Offer and allows our shareholders to continue to participate in our vision to build a leading pan-African banking group. We look forward to working with Atlas Mara to expand current business and drive and accelerate future growth. The Atlas Mara founders and Board share our vision and view ADC as an ideal structure to launch its activities on the continent. We recommend that our shareholders accept the Offer.” The acceptance period expires on 31 July 2014. ADC shareholders should be contacted by their custodian bank in the coming days for their instructions. The specific terms and conditions of the Offer are set out in the offer document, which can be found on Atlas Mara’s website: www.atlasmara.com About ADC About Atlas Mara Kontakt: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119 Ende der Corporate News 09.07.2014 Veröffentlichung einer Corporate News/Finanznachricht, übermittelt durch die DGAP – ein Unternehmen der EQS Group AG. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen. Medienarchiv unter http://www.dgap-medientreff.de und http://www.dgap.de |
Sprache: | Deutsch | |
Unternehmen: | ADC African Development Corporation AG | |
Grüneburgweg 18 | ||
60322 Frankfurt/Main | ||
Deutschland | ||
Telefon: | +49 69 719 12 80 119 | |
Fax: | +49 69 719 12 80 115 | |
E-Mail: | info@african-development.com | |
Internet: | www.african-development.com | |
ISIN: | DE000A1E8NW9 | |
WKN: | A1E8NW | |
Börsen: | Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open Market (Entry Standard) | |
Ende der Mitteilung | DGAP News-Service |
277260 09.07.2014 |