DGAP-News

Pangea GmbH: Busch group to launch voluntary public tender offer for Pfeiffer Vacuum Technology AG

DGAP-News: Pangea GmbH / Key word(s): Offer Pangea GmbH: Busch group to launch voluntary public tender offer for Pfeiffer Vacuum Technology AG 24.01.2017 / 08:14 The issuer is solely responsible for the content of this announcement. Busch SE January 24, 2017

Busch group to launch voluntary public tender offer for Pfeiffer Vacuum Technology AG


- Cash offer of EUR96.20 per Pfeiffer Vacuum share

- Tender offer is not contingent on any minimum acceptance threshold

- Busch group expects further growth potential in the vacuum industry

- The two companies will continue to operate under separate management

Maulburg, January 24, 2017. Busch SE today announced its intention to make a voluntary public tender offer for all outstanding shares of TecDAX-listed Pfeiffer Vacuum Technologies AG (ISIN: DE0006916604) via its wholly owned subsidiary, the investment company Pangea GmbH. The offer price will be EUR96.20 per share. The all-cash offer values Pfeiffer Vacuum at approximately EUR949 million based on equity value. Holders of Pfeiffer Vacuum shares will receive a premium of about 12 percent on the volume-weighted three-month average price of Pfeiffer Vacuum's shares prior to the announcement. There will be no minimum acceptance threshold. Busch group has already received a firm financing commitment from Landesbank Baden-Württemberg to ensure full funding.

By making a tender offer, Busch group intends to increase its investment in Pfeiffer Vacuum in the long term. Currently holding 27.19 percent of the shares, the company has secured additional shares that will result in a 29.98 percent stake in Pfeiffer Vacuum when publishing the offer document. Upon successful closing of the offer, Busch group will seek an appropriate representation on Pfeiffer Vacuum's Supervisory Board, corresponding to its new shareholding. Pfeiffer Vacuum will continue to be listed on the Frankfurt Stock Exchange and exist as an independent enterprise operating under its own separate management.