Brief: Tessenderlo Revises Valuation For Combination With Picanol
07/09/2022 07:24
Sept 7 (Reuters) - TESSENDERLO GROUP TESB.BR :
* TESSENDERLO GROUP AND PICANOL GROUP (PICANOL NV, EURONEXT:
PIC)
ANNOUNCED THEIR INTENTION TO SIMPLIFY AND INCREASE THE
TRANSPARENCY OF THE GROUP STRUCTURE OF BOTH COMPANIES
* VIEW TO COMBINE TESSENDERLO PICANOL GROUP INTO A SINGLE
INDUSTRIAL GROUP, WITH A SINGLE STOCK EXCHANGE LISTING AND A
SINGLE BOARD OF DIRECTORS
* PROPOSED TRANSACTION ENVISAGES THE CONTRIBUTION BY THE
REFERENCE
SHAREHOLDERS, LUC TACK AND PATRICK STEVERLYNCK, OF THE PICANOL
GROUP SHARES THAT THEY HOLD, IN THE CONTEXT OF A VOLUNTARY
PUBLIC EXCHANGE OFFER BY TESSENDERLO GROUP
* OTHER SHAREHOLDERS OF PICANOL GROUP WOULD ALSO BE OFFERED
THE
OPTION OF BECOMING DIRECT SHAREHOLDERS OF TESSENDERLO GROUP
* TESSENDERLO GROUP AND PICANOL HAVE MUTUALLY AGREED TO
ADJUST THE
EXCHANGE RATE FROM 2.43 SHARES OF TESSENDERLO GROUP FOR 1 SHARE
OF PICANOL TO 2.36 SHARES OF TESSENDERLO GROUP FOR 1 SHARE OF
PICANOL
* WILL FORMALLY NOTIFY TO FSMA ITS INTENTION TO LAUNCH
VOLUNTARY,
CONDITIONAL PUBLIC OFFER TO EXCHANGE PICANOL GROUP SHARES FOR
NEW TESSENDERLO GROUP SHARES
* EXCHANGE AT RATIO OF 2.36 NEW TESSENDERLO GROUP SHARES FOR
1
SHARE OF PICANOL.
* REVISION RESULTS IN A DECREASE IN VALUE OF 0.2 MILLION EUR
FOR
PICANOL GROUP (EXCLUDING SHARES HELD IN TESSENDERLO GROUP) AND
AN INCREASE WITH 95.6 MILLION EUR FOR TESSENDERLO GROUP,
RESPECTIVELY
* THIS RESULTS IN AN EQUITY VALUE OF 830.6 MILLION EUR AND
1,751.5
MILLION EUR FOR PICANOL GROUP AND TESSENDERLO GROUP,
RESPECTIVELY
* THE VALUES CORRESPOND TO A VALUE PER TESSENDERLO GROUP
SHARE OF
40.59 EUR AND A VALUE PER PICANOL GROUP SHARE (INCLUDING
TESSENDERLO GROUP SHARES) OF 95.80 EUR
* BOARD OF DIRECTORS OF THE COMPANY DECIDED ON 6 SEPTEMBER
2022 TO
APPROVE THE RESOLUTIONS
Source text: https://bit.ly/3QmbbjN
Further company coverage: TESB.BR PICB.BR
(Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com; +48 587 696 600;))