17th Sep 2007 07:32
Naarden, 17 September 2007
This is a joint press release of Stork N.V. and London Acquisition B.V. pursuant to the provisions of Section 9b, subsection 1 and Section 9t, subsection 3, of the Dutch Securities Trade Supervision Decree 1995 (Besluit toezicht effectenverkeer 1995, "Bte 1995"). Not for release, distribution or publication, in whole or in part, in the United States of America, Japan or Canada.
London Acquisition withdraws current public offer; Candover, Stork and LME continue discussions on alternative structure
It has become clear that one of the key conditions to the offer for all shares Stork, made by London Acquisition, will not be satisfied as LME will not tender its shares under the current offer. Consequently London Acquisition withdraws its offer for all shares of Stork.
During the past two weeks Candover, Stork and LME have continued their discussions and are now looking at possibilities for an alternative transaction structure, taking into account the interest of all stakeholders in Stork. Parties continue these constructive discussions, although no assurances can be given that these discussions will result in a solution that is acceptable for all parties.
Further announcements will be made when appropriate and in any case not later than the first half of October 2007.
With reference to the press releases 19 and 26 June 2007, 25 July 2007, 10 August 2007 and 3 September 2007, Stork N.V. ("Stork" or the "Company") and London Acquisition B.V. ("London Acquisition" or the "Offeror"), a holding company controlled by funds managed and advised by, or affiliated with, Candover*, jointly announce that London Acquisition withdraws its public offer (the "Offer") for all the issued and outstanding shares in the share capital of Stork (the "Shares"). The reason for this withdrawal is the fact that LME Eignarhaldsfelag ehf ("LME"), which has reported a shareholding interest in Stork in excess of 43%, has indicated that it will not tender these shares under the Offer. It has therefore become clear that one of the key conditions to the Offer will not be satisfied, i.e., the condition to the Offer that such number of shares in Stork be tendered for acceptance under the Offer on the acceptance closing that these, together with (i) the Shares directly or indirectly held by the Offeror at the acceptance closing date and (ii) the shares held, directly or indirectly, by Stork for its own account at the acceptance closing date, represent at least 80% of Stork's issued and outstanding share capital.
Shares already tendered
Any tenders of shares under the offer prior to or after the date hereof will be deemed to have not been made.
Restrictions
The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, The Offeror and Stork disclaim any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither the Offeror, nor Stork nor any of their advisers assumes any responsibility for any violation by any person of any of these restrictions. Any Stork shareholder who is in any doubt as to his position should consult an appropriate professional adviser without delay.
For further information please contact:
Stork N.V.:Dick KorsTel: +31 (0)6 51 98 40 54Candover:Marek GumiennyTel: +44 (0) 20 7489 9848orTulchan CommunicationsSusanna VoyleTel: +44 (0) 20 7353 4200
* Candover means Candover Investments plc and / or one or more of its subsidiaries, including Candover Partners Limited as Manager of the Candover 2005 Fund.
Handelsregister Hilversum 32044373
Stork N.V.
CANDOVER INVESTMENTS PLCRelated Shares:
CDI.L