MEDIA RELEASE
Transcription
MEDIA RELEASE
MEDIA RELEASE THIS IS NOT AN OFFER. NOT FOR DISTRIBUTION IN AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND or SOUTH AFRICA This press release is not an offer. Any offer for shares of Sanitec will only be made pursuant to an offer document to be approved by the Swedish Financial Supervisory Authority as responsible regulator which will be published on our website under www.geberit.com. You should refer to the detailed restrictions and information in the offer document before making any decision on whether to participate in the offer. Geberit announces offer to acquire Sanitec, the European market leader in the area of bathroom ceramics Geberit AG, Rapperswil-Jona, October 14, 2014, 07:00 am CET Geberit has today announced a tender offer to acquire Sanitec, Europe’s leading company in the area of bathroom ceramics. The offer price of SEK 97 per share corresponds to a total value of the offer of CHF 1.29 billion; the acceptance period for the Offer is expected to begin on or about 17. November 2014 and expire on or about 22. December 2014. The new company will be a unique integrated company in the sanitary products market in Europe. Geberit AG announced that it is making an offer to Sanitec’s shareholders to acquire their shares at a price of SEK 97 each, corresponding to a total transaction value of CHF 1.29 billion for 100% of the shares. The offer represents a premium of 29% compared to the volume weighted average trading price of the Sanitec shares on the Stockholm Stock Exchange over the past three months. The merger is being completely financed by Geberit using its own funds, as well as by new debt to be taken on. The offer is subject to customary conditions including an acceptance rate in excess of 90% of the shares and clearance from relevant merger control authorities. The committee made up by those of Sanitec’s board members who do not represent shareholders who have undertaken to accept the Offer has unanimously recommended Sanitec’s shareholders to accept the offer – a corresponding recommendation is released by Sanitec today. In addition, the two largest shareholders of Sanitec, EQT and Zeres Capital, jointly holding 25.5% of the Sanitec shares, have given irrevocable undertakings to accept the offer for all of their shares. Geberit CEO and Chairman of the Board of Directors Albert M. Baehny comments as follows: “This transaction will make us the leader in the sanitary products industry and expand the addressable market for Geberit. We will strengthen our access to end consumers and our presence in showrooms. These aspects are crucial, especially in those markets where end consumers are the key decision makers. The transaction is a promising union of leading brands in the areas of sanitary technology and bathroom ceramics. The outstanding reputation of both companies for product quality and reliability, service and innovation combined with strong brands make this combination a perfect match.” For Geberit, the merger with Sanitec represents an expansion of its strategic focus. The future product offerings will be enhanced with bathroom ceramics. The new company will be the market leader for sanitary products in Europe, combining behind-the-wall technical know-how with in-front-ofthe-wall design competence. Geberit is excited about the prospect of collaborating with Sanitec’s MEDIA RELEASE professional and knowledgeable staff to extract the expected significant benefits from the combination of the two companies. All elements of the integration and target organization will be developed jointly with representatives from both companies. According to a pro forma calculation based on 2013 figures and not taking into account the merits of the combination, the combined company generated net sales of roughly CHF 2.9 billion with an operating profit (EBIT) of just under CHF 600 million, corresponding to an EBIT margin of about 21%. Net income was just under CHF 500 million, which corresponds to a return on sales of approximately 17%. About Sanitec Leading European producer and supplier of bathroom ceramics Net sales of EUR 702 million in 2013 with an EBIT margin of 9.7% 6,200 employees worldwide, 18 production facilities and 24 sales units in Europe Multi-brand strategy with 14 leading brands operating in Europe on a local basis Shares are listed on the Stockholm Stock Exchange (IPO in 2013) Please visit our website www.geberit.com for additional information. For further information, please contact: Geberit AG Schachenstrasse 77, CH-8645 Jona Albert M. Baehny, CEO Roland Iff, CFO Roman Sidler, Corporate Communications & IR Tel. +41 (0)55 221 63 46 Tel. +41 (0)55 221 66 39 Tel. +41 (0)55 221 69 47 As a European market leader in the field of sanitary technology, the Geberit Group is a global provider with sales of CHF 2.3 billion. It employs 6,300 people in 41 countries around the world. 2 MEDIA RELEASE Important notice This press release is not an offer and is not being distributed, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand or South Africa or in or into any other jurisdictions where such press release pursuant to legislation and regulations in such relevant jurisdictions would be prohibited by applicable law (together, the “Restricted Jurisdictions”) or by use of mail or any other means or instrumentality (including, without limitation, facsimile transmission, electronic mail, telex, telephone and the Internet) of interstate or foreign commerce, or of any facility of national security exchange, of any Restricted Jurisdiction, and the offer referred to in the press release cannot be accepted by any such use, means, instrumentality or facility of, or from within, any Restricted Jurisdiction. Accordingly, this press release and any documentation relating to the offer are not being and should not be sent, mailed or otherwise distributed or forwarded in or into any Restricted Jurisdiction. . This press release is not being, and must not be, sent to shareholders with registered addresses in any Restricted Jurisdiction. Banks, brokers, dealers and other nominees holding shares for persons in any Restricted Jurisdiction must not forward this press release or any other document received in connection with the offer to such persons. Statements in this press release relating to future status or circumstances, including statements regarding future performance, growth and other trend projections and the other benefits of the offer being referred to in this press release, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipates”, “intends”, “expects”, “believes”, or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Geberit. Any such forward-looking statements speak only as of the date on which they are made and Geberit has no obligation (and undertakes no such obligation) to update or revise any of them, whether as a result of new information, future events or otherwise, except for in accordance with applicable laws and regulations. Special notice to shareholders in the United States The offer described in this press release will be made for shares of Sanitec, a company incorporated under Finnish law, and is subject to Swedish and Finnish disclosure and procedural requirements, which are different from those of the United States. The shares of Sanitec have not been registered under the U.S. Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”), and are not listed or traded on any stock exchange in the United States. Accordingly, the offer will be made in the United States in compliance with Section 14(e) of, and Regulation 14E under, the U.S. Securities Exchange Act , subject to the exemptions provided by Rule 14d-1(d) under the U.S. Exchange Act and otherwise in accordance with the requirements of Swedish, and as applicable, Finnish law. The offer referred to in this press release will be subject to disclosure and other procedural requirements, including with respect to withdrawal rights, the offer timetable, settlement procedures and timing of payments that are different from those applicable under U.S. domestic tender offer procedures and laws. Financial information included in this announcement, if any, has been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies. To the extent permissible under applicable law or regulation, Geberit and its affiliates or brokers (acting as agents for Geberit or its affiliates, as applicable) may from time to time after the date hereof, and other than pursuant to the offer, directly or indirectly purchase, or arrange to purchase, shares of Sanitec, that are the subject of the offer or any securities that are convertible into, exchangeable for or exercisable for such shares. To the extent information about such purchases or arrangements to purchase is made public in Sweden, such information will be disclosed by means of a press release or other means reasonably calculated to inform U.S. shareholders of Sanitec of such information. In addition, the financial advisors to Geberit, may also engage in ordinary course trading activities in securities of Sanitec, which may include purchases or arrangements to purchase such securities. NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR ANY U.S. STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THIS OFFER, PASSED UPON THE FAIRNESS OR MERITS OF THIS ANNOUNCEMENT OR DETERMINED WHETHER THIS ANNOUNCEMENT IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE IN THE UNITED STATES. 3