Microlog Logistics AG
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Microlog Board of Management: “The bid is appropriate and attractive”
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Microlog Board of Management: “The bid is appropriate and attractive”
Frankfurt, November 8, 2002. The shareholders of Microlog Logistics AG have
received an unsolicited bid from Thiel Logistik AG covering a cash payment of
EUR 16.50 per Microlog share. In November 2002, Thiel published its offer
document for the bid announced on October 16, 2002. The Management Board and
Supervisory Board of Microlog have studied the bid in depth and consider the
price offered to be appropriate and attractive. In their joint statement of
November 8, 2002, they recommend that Microlog’s shareholders accept the offer
put forward by Thiel Logistik AG.
The adequacy of the bid has been corroborated by an external appraisal report
commissioned by the Management Board of Microlog. According to the Management
Board, the bid is deemed to be attractive for the following reasons: At 62%, the
price offered represents a substantial premium on the weighted-average share
price covering a period of three months; the premium on the XETRA closing price
recorded on the trading day prior to the announcement of the offer amounts to
approx. 23%. These premiums are within and above the range of premiums offered
as part of other public bids witnessed in the course of the current year.
Furthermore, the proposal is based on a cash payment, and in Germany it can be
accepted free of cost and expense.
Following a thorough analysis of the market and competitive environment in the
field of logistics, the Management Board and the Supervisory Board had already
come to the conclusion several months ago that the prevailing consolidation
process seen throughout the industry would force enterprises to reach a critical
mass in terms of company size if they are to survive in this competitive
environment.
Dr. Martin Kunzmann, Chairman of the Management Board of Microlog Logistics AG,
commented: “Without doubt, it would have been difficult for Microlog to achieve
this critical mass in the short term and under its own steam. We have been in
search of a suitable partner for quite some time. By joining forces with Thiel,
we will immediately be able to realise our strategic potential in industrial
contract logistics, as a major player.”
Microlog Logistics AG
Microlog Logistics AG, based in Frankfurt am Main, is one of the leading service
specialists within the area of industrial contract logistics. Established in
1997, the company has been listed on the Frankfurt stock exchange since June
2000. In the financial year ended 2001, Microlog achieved earnings before
interest, taxes and amortisation (EBITA) of almost EUR 11 million on sales of
EUR 199.8 million. The company currently has approx. 1,500 employees working at
sixty locations in Europe, America and Asia.
For further information:
Microlog Logistics AG
Investor Relations
Lyoner Strasse 24-26
D-60528 Frankfurt am Main
Tel: + 49 (0) 69 / 66 37 29-23
investor@microlog.de
http://www.microlog.de
end of message, (c)DGAP 08.11.2002
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WKN: 549 431; ISIN: DE0005494314; Index:
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
081202 Nov 02
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