Dürr Group wants to take over HOMAG

Source:
Homag/IHB
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Dürr AG said that, through its wholly-owned subsidiary Dürr Technologies GmbH, it has reached agreement with several major shareholders of HOMAG Group AG to acquire a total of 53.7% of HOMAG shares for 219 million euros.

Dürr AG stated that purchase contracts are in place with Deutsche Beteiligungs AG (39.5% of shares), the Schuler/Klessmann share pool (3%) and two further shareholders (about 11%). The execution of the purchase contracts is subject to approval by the relevant antitrust authorities.

Dürr noted that an agreement was also reached with the Schuler family and the Klessmann foundation, who have so far held a 25.1% stake in HOMAG in the form of a share pool, on Dürr joining the pool. This relates to the 3% of HOMAG shares acquired from the pool and will be effective shortly before the execution of the purchase contract with the Schuler/Klessmann share pool. The share pool will consent to the completion of a control and/or profit and loss transfer agreement by Dürr. Dürr can exercise a total of 75.8% of the votes for that purpose. In total, the number of HOMAG shares amounts to 15.688 million.

Dürr said that it will submit a voluntary public takeover offer to the HOMAG shareholders to acquire all of the shares. The price Dürr offers to the free shareholders of HOMAG Group AG is 26.35 euros per share payable in cash. The offer is thus 13.1% above the volume-weighted average XETRA price of the share based on the last three months.

The takeover bid is subject to certain conditions, in particular the approval by the relevant antitrust authorities. A squeeze-out or delisting of the HOMAG stock is not intended.

Dürr noted that HOMAG Group AG is to continue operating as an independent division under the HOMAG brand within the Dürr Group.

As at the end of March 2014, the Dürr Group had 867 million euros in available liquidity, including the proceeds from the bond placed at the end of March 2014. Dürr said it can therefore finance the acquisition with its own funds.

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