Sika Board Says Regulators Wrong on Planned Saint-Gobain Deal
2015-03-12 06:23:28.830 GMT
By Chris Malpass
(Bloomberg) -- Sika board of directors says it still
believes opting-out clause doesn’t affect sale of family stake
to Saint-Gobain even as it accepts regulator’s ruling on basic
validity of opting-out clause.
* NOTE: Swiss takeover panel on March 5 sided with Sika
founding family over planned sale of Sika to Saint-Gobain,
said opt-out clause is valid
* Sika board says invoking opt-out clause damages basis of
trust created by the Burkard family, violates limitations
set out in Articles of Association to protect public
shareholders
* NOTE: Opt-out clause releases purchaser from obligation to
make an offer to public shareholders
* NOTE: Burkard family owns about 16% of Sika shares, has 52%
voting rights
* NOTE: Sika mgmt aims to block CHF2.75b takeover by Saint-
Gobain
Link to Statement:Link
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To contact the reporter on this story:
Chris Malpass in Berlin at +49-30-70010-6234 or
cmalpass@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
Chris Malpass
2015-03-12 06:23:28.830 GMT
By Chris Malpass
(Bloomberg) -- Sika board of directors says it still
believes opting-out clause doesn’t affect sale of family stake
to Saint-Gobain even as it accepts regulator’s ruling on basic
validity of opting-out clause.
* NOTE: Swiss takeover panel on March 5 sided with Sika
founding family over planned sale of Sika to Saint-Gobain,
said opt-out clause is valid
* Sika board says invoking opt-out clause damages basis of
trust created by the Burkard family, violates limitations
set out in Articles of Association to protect public
shareholders
* NOTE: Opt-out clause releases purchaser from obligation to
make an offer to public shareholders
* NOTE: Burkard family owns about 16% of Sika shares, has 52%
voting rights
* NOTE: Sika mgmt aims to block CHF2.75b takeover by Saint-
Gobain
Link to Statement:Link
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Chris Malpass in Berlin at +49-30-70010-6234 or
cmalpass@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
Chris Malpass