Boels Increases the Offer Price to EUR 13.75 per Share under its Recommended Voluntary Public Cash Tender Offer for All Shares in Cramo Plc

Cramo Plc       Inside Information         17 January, 2020 at 8.30 EET

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Boels Increases the Offer Price to EUR 13.75 per Share under its Recommended Voluntary Public Cash Tender Offer for All Shares in Cramo Plc

Boels Topholding B.V. (“Boels” or the “Offeror”) has commenced a voluntary recommended public cash tender offer to purchase all of the issued and outstanding shares in Cramo Plc (“Cramo”) on November 25, 2019 (the “Tender Offer”). Today, Boels is pleased to announce that it has decided to increase the offer price for each share validly tendered in the Tender Offer to EUR 13.75 in cash, cum dividend (the “Increased Offer Price”). This represents a substantial increase of EUR 0.50 compared to the original offer price of EUR 13.25.

The Increased Offer Price represents a premium of approximately 36.1 percent compared to the closing price of the Cramo share on Nasdaq Helsinki Ltd on November 4, 2019, the last trading day prior to the announcement by Cramo that it was evaluating a potential tender offer on November 5, 2019, and 58.5 percent compared to the volume-weighted average trading price during the 3-month period prior to and up to November 5, 2019. The Increased Offer Price is final and the Offeror will not increase it further.

The recommendation of Cramo's Board of Directors to accept the Tender Offer remains unchanged. In addition, in light of the Increased Offer Price and in accordance with applicable law, the Board of Directors of Cramo will supplement its statement of November 20, 2019 regarding the Tender Offer. The acceptance period of the Tender Offer will expire on January 31, 2020 at 4:00 p.m. (Finnish time).

As previously announced, Boels has obtained all identified required antitrust approvals, marking an important step towards completion of the Tender Offer.

Commenting on the Increased Offer Price Pierre Boels, CEO of Boels said:

“We continue to have a strong conviction in the strategic combination of Boels and Cramo, and the support for the offer by a vast majority of Cramo's shareholders underscores this. While we believe that our original recommended offer was already an excellent deal for Cramo shareholders, our increased and final offer represents further upside for Cramo shareholders and we look forward to completing the offer on this basis. For those shareholders who have not yet accepted the offer and would like to, we would urge you to do so without delay.”