William Demant Holding A/S
Negotiations to take over Audika

William Demant Holding A/S 

17.02.2015 08:19

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Company announcement no 2015-01                               17 February 2015



William Demant enters into exclusive negotiations for the purchase of a
controlling interest in Audika, a leading network of hearing care providers in
France 





Today, William Demant announces that the Company has entered into exclusive
negotiations for the potential purchase of 53.9% of the share capital of Audika
Group SA (Audika) from the controlling shareholder Holton SAS at a price of EUR
17.78 per share. 



If successful, the purchase of the controlling interest in Audika will under
French takeover regulations commit William Demant to commence a mandatory
public tender offer for the remaining 46.1% of the outstanding share capital of
Audika. Based on a price of EUR 17.78 per share, the entire transaction will
amount to an equity value of EUR 168 million. The price of EUR 17.78 per share
represents a premium of approx. 32% on top of the most recent stock price
quoted on Euronext Paris and a premium of approx. 46% compared to Audika's
weighted average share price over the last three months. 



Headquartered in Paris, France, Audika is a leading French network of hearing
care providers with more than 460 points of sale across France. In 2014, Audika
recorded revenue of EUR 98.7 million as announced by the company on 19 January
2015. At this point in time, Audika has not yet disclosed earnings figures for
2014, but these will be available when Audika as expected publishes the results
for 2014 on 16 March 2015. 



William Demant's intention to acquire Audika is a natural continuation of the
existing partnership between the two companies. For decades, William Demant has
been a supplier of hearing instruments to Audika, and under the assumption that
the acquisition process will be successful, the partnership is bound to be
strengthened even further. We have great confidence in Audika's strategy,
market position and management team, and we expect the current management team
to stay onboard, including the two co-chairmen and founders, Alain Tonnard and
Jean-Claude Tonnard. 



Audika will launch an information and consultation process with the relevant
employee representatives in accordance with French law. Furthermore, the
acquisition of the controlling interest in Audika is subject to approval by the
French competition authority. Timewise, the mandatory public tender offer is
expected to close in June 2015 at the earliest or more likely in the second
half of 2015. 



William Demant's advisers on this transaction are Moelis & Company and Latham &
Watkins. 



Please be advised that William Demant will host a teleconference for analysts
and investors today, Tuesday 17 February 2015, at 9:30 a.m. CET. The
teleconference will be conducted in English. A presentation to be used during
the call will be available on www.demant.com shortly before the call starts. A
recorded version of the call will subsequently be made available on our
website. For dial-in details, please send an e-mail to william@demant.com. 



According to our financial calendar, William Demant will publish its Annual
Report 2014 on Thursday 26 February 2015. Until then, we are unable to comment
on the current operational and financial performance of the Group. 





                                  ¨ ¨ ¨ ¨ ¨ ¨ ¨





Further information:                                                        
Other contacts: 

Niels Jacobsen, President & CEO                                   Stefan
Ingildsen, SVP Finance 

Phone +45 3917 7300                                                     Søren
B. Andersson, VP Investor Relations 

www.demant.com                                                           
Rasmus Sørensen, IR Officer
News Source: NASDAQ OMX



17.02.2015 The DGAP Distribution Services include Regulatory Announcements,
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Language:     English
Company:      William Demant Holding A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010268440
WKN:          
 
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