Switzerland's AFG Arbonia Forster offers to buy all of Looser

Arbonia AG

15/09/2016 05:50

ZURICH, Sept 15 (Reuters) - Swiss building materials maker 
AFG Arbonia Forster  AFGN.S  on Thursday offered to buy Looser 
Group  LOHN.S  in a cash and share deal worth around 415 million 
Swiss francs ($426 million), betting a tie-up will form a more 
significant European construction industry supplier. 
    AFG is offering 5.5 newly issued shares and 23 francs in 
cash per share of Looser, which is also Swiss based. The offer, 
already accepted by investors holding 53 percent of the shares, 
represents an enterprise value of around 511 million francs, it 
said in a statement. 
    AFG said the offer reflected a 38 percent premium to 
Looser's closing share price on Wednesday, when its market 
capitalisation was 300 million francs. Looser's board 
unanimously accepted the offer, AFG said. 
    ($1 = 0.9738 Swiss francs) 
 
 (Reporting by John Miller; Editing by Michael Shields) 
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters 
Messaging: j.miller.thomsonreuters.com@reuters.net)) 
 
Keywords: AFG ARBONIA FORSTER M&A/LOOSER HLDG