Decision protects the rightful interests of Implenia’s shareholders from Laxey’s selfish actions
D i e t l i k o n, 16 November 2007. Implenia acknowledges today’s decision by the Takeover Board regarding the public offer by British financial company Laxey to buy all publicly held shares in Implenia AG. Implenia notes with great satisfaction that Laxey is not allowed to buy any shares for six months after the end of the offer period for a price higher than the offer price of CHF 33.23. If it does do so, it must make a new and higher offer to all shareholders, regardless of the outcome of its current offer.The Takeover Board has thus decided in favor of Implenia’s request that its shareholders be adequately protected from Laxey’s selfish pursuit of its own agenda.
Laxey will also have to supplement its offer prospectus and truthfully disclose the possible implications for Laxey of the pending investigation by the Federal Banking Commission (FBC). Laxey will also have to give details of the equity capital it is relying on to finance its offer, and will have to state whether “the intentions stated in the offer prospectus are to be interpreted as preparatory measures for an exit in the short term”.
Implenia reserves the right to communicate certain other conclusions arrived at by the Takeover Board to the Federal Banking Commission for its opinion and decision.
Contact:
Hirzel.Neef.Schmid.Konsulenten
Aloys Hirzel
Tel. +41 79 693 33 25