Corporate Express N.V.
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Publicatie datum
29 aug 2006 - 08:06
Statutaire naam
Corporate Express N.V.
Titel
BUHRMANN MAKES OFFER TO ACQUIRE ANDVORD TYBRING-GJEDDE, THE LEADING OFFICE PRODUCTS GROUP IN THE NORDIC REGION
Bericht
BUHRMANN MAKES OFFER TO ACQUIRE ANDVORD TYBRING-GJEDDE, THE LEADING OFFICE PRODUCTS GROUP IN THE NORDIC REGION
ALL CASH OFFER TO BE FUNDED BY DEBT FACILITIES
Amsterdam, the Netherlands, 29 August 2006 – Buhrmann has reached agreement to launch a voluntary cash offer of NOK 9.40 per ordinary share to acquire Andvord Tybring-Gjedde ASA (ATG), the leading office products group in the Nordic region. The transaction values ATG at NOK 2,180 million (EUR 271 million) on a fully diluted basis. The Andvord family, owning 39.9% of the company’s ordinary shares, and senior management have pre-accepted the offer for all their shares and management options. Pending employee consultation, the Board of ATG has declared its support for the transaction.
KEY HIGHLIGHTS
Ø The offer price of NOK 9.40 per share implies a premium of 36% over the closing price on 28 August and 39% over the volume weighted average share price in the last 3 months
Ø Synergy benefits expected in central services, private label, transport, warehousing, occupancy and certain other areas amounting to EUR 5 million annually
Ø Buhrmann and ATG pursue comparable strategic agendas with an emphasis on single source, eCommerce and private label expansion
Ø Management with in-depth local expertise to be retained
Ø Proposed acquisition to be funded by increasing borrowings under existing debt facilities; Buhrmann expects to maintain current credit standing with rating agencies
Ø Transaction expected to be broadly EPS neutral in 2006 and accretive from 2007 onwards
CEO’S STATEMENT
Frans Koffrie, President and CEO of Buhrmann commented: ‘The proposed transaction fulfils one of our strategic ambitions, providing a unique opportunity to expand our geographic coverage in the Nordic region, previously identified as an area for growth. The combination presents an excellent strategic and geographical fit, delivering Buhrmann with market leadership in Norway and Sweden and improved access to the Danish market. It brings a
Datum laatste update: 28 juli 2024