DGAP-News
Pfeiffer Vacuum Technology AG: Joint statement by Management Board and Supervisory Board
DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Statement
PRESS RELEASE |
- Offer price is inadequate
- Intended takeover of a controlling stake is not in the interest of the company and its shareholders
- High attendance at the Annual General Meeting is necessary
- Strategic concept for cooperation has yet to be presented
- Talks with the Busch family yielded no outcome
Asslar, April 24, 2017. Pursuant to § 27 of the German Securities Acquisition and Takeover Act (WpÜG), the Management and Supervisory Boards of Pfeiffer Vacuum Technology AG ("Pfeiffer
Vacuum") today issued their reasoned statement on the offer submitted April 12, 2017 by Pangea GmbH, a company owned by Busch SE ("Busch Group"). The non-coordinated offer followed a failed
takeover bid made by the Busch Group to the shareholders of Pfeiffer Vacuum on February 13, 2017.
The Management Board and the Supervisory Board are of the opinion that the Busch Group's second offer is again not in the interest of Pfeiffer Vacuum and its shareholders. Both bodies therefore
advise the shareholders of Pfeiffer Vacuum to not accept the Busch Group's offer.
Manfred Bender, CEO of Pfeiffer Vacuum Technology AG, comments: "The Busch Group is yet again unwilling to offer an appropriate takeover premium to Pfeiffer Vacuum shareholders for the planned acquisition of a controlling stake. Moreover, the Busch Group was yet again unable to present a coherent strategic concept for potential cooperation, which would have afforded us the opportunity to persuade our shareholders of the intrinsic value of possible cooperation and the resultant further improvement of Pfeiffer Vacuum's attractive long-term prospects. In the best interest of Pfeiffer Vacuum and its shareholders, we must therefore reject this inadequate offer and advise our shareholders to not accept it."