Eczacibasi Holding A.S.
Eczacibasi announces takeover offer for burgbad AG
Eczacibasi Holding A.S. / Offer Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Eczacibasi announces takeover offer for burgbad AG - Transaction strengthens one of Europe’s leading providers of complete bathroom solutions - Offer price of 20.12 Euro in cash per ordinary burgbad share represents 34.5 % premium - Attractive international growth prospects for burgbad - Eczacibasi will acquire a majority shareholding Istanbul, April 28, 2008 – Eczacibasi Holding A.S., a major industrial group in Turkey with around 40 companies and one of Europe’s leading providers of complete bathroom solutions, today announced its decision to make a public tender offer to all shareholders of burgbad AG of 20.12 Euro per ordinary burgbad share in cash. This offer price represents a premium of approximately 34.5 % compared to the volume weighted average XETRA price of the burgbad shares in the three months preceding the announcement of the intention to make the offer (EUR 14.96). Eczacibasi has signed an agreement with the major shareholder of burgbad, Ruddies Beteiligungs- und Vermögensverwaltungsgesellschaft mbH, that will result in the acquisition of a majority shareholding in burgbad AG for a cash consideration of EUR 20.12 per share. The transaction is subject to antitrust approval. The takeover offer will be made by Eczacibasi Holding A.S. and Eczacibasi Yapi Gerecleri San. ve Tic. A.S. (EYAP Eczacibasi Building Materials A.S.), a listed affiliated company of Eczacibasi Holding A.S., as joint bidders. The offer will be made on and subject to the terms and conditions which will be communicated in the offer document. BHF-BANK Aktiengesellschaft is acting as sole financial adviser to Eczacibasi on the share purchase and public takeover offer. Significant strategic opportunities for both companies Eczacibasi is already present in Germany with the VitrA and Engers brands and, since its acquisition in 2007 of a controlling share of V&B Fliesen GmbH, with the Villeroy & Boch brand in tiles. The takeover of burgbad will strengthen Eczacibasi’s product portfolio and enable it to achieve higher growth. At the same time, burgbad will assume a leading role in EYAP Eczacibasi Building Materials, one of Europe’s largest suppliers of complete bathroom solutions, with opportunities to benefit in many areas. Through Eczacibasi, burgbad will be able to expand its presence in the premium segment of international markets more rapidly, while gaining entry to new market segments in which Eczacibasi is well established. Eczacibasi will also provide access to new opportunities in the complete solution market in combination with its other strong international brands. Eczacibasi and burgbad expect synergy potential in the areas of international sales and distribution as well as innovation management. Dr. Erdal Karamercan, President and CEO of Eczacibasi commented: 'Thanks to the superb performance of its employees and Management Board, burgbad AG has in recent years managed to position itself as a leading provider of premium segment bathroom furniture. Its product range and expertise complement our portfolio ideally. The affiliation of burgbad will strengthen our Group and enable the company to achieve higher growth. In this, we will continue to rely on the excellent work of burgbad’s employees and Management Board.' He added: 'As a family-owned company with a strong sense of corporate responsibility towards its shareholders, workforce and community Eczacibasi is a perfect match for burgbad.' Following the approval of the German Federal Financial Supervisory Authority (BaFin), Eczacibasi will publish the offer document on the internet at www.eczacibasi.com. Contact Eczacibasi Holding A.S. A&B Financial Dynamics Oksan Atilla Sanön Ivo Lingnau Vice President Corporate Communications Tel. +49 69 920 37 133 Tel. +90 (212) 3717000 Ilkay Yildirim Akalin, Corporate Communications Manager Tel. +90 (212) 3717000 About Eczacibasi Eczacibasi is a prominent Turkish industrial group with 40 companies, close to 9,300 employees and a combined net turnover of $ 3.2 billion in 2007. The Group’s core sectors are building products, pharmaceuticals and consumer products; it is also active in finance, information technology, welding technology and land development. Internationally, Eczacibasi is best known for its flagship VitrA brand, a powerful contender in global bathroom and tile markets. Additionally, it is a major exporter of tissue paper, welding electrodes, electronic smart cards and industrial raw materials such as clay and feldspar. The Eczacibasi Group’s mission is to be a pioneer of modern, high quality and healthy lifestyles. About burgbad burgbad AG is Europe’s leading provider of high-quality bathroom furniture. With burg, kama, schock and burg Paris, the company has a multi-brand strategy focusing on the needs of its various target groups. Top-quality materials, the utmost precision of workmanship and timeless design are the hallmarks of its products. The company won several major design prizes in 2007. burgbad has an international presence, with numerous sales outlets and offices in Germany and abroad. The furniture is produced at four locations in Germany and France. With around 600 employees, the burgbad Group generated sales of EUR 73.7 million and annual net income of EUR 6.3 million in 2007. 28.04.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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