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| Duropack AG publishes Takeover Offer for Croatian Belišce d.d. |
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On April 19, 2010 Duropack AG, a 100% subsidiary of publicly listed Constantia Packaging AG, announced a takeover bid to acquire all outstanding unencumbered ordinary voting shares of Belišce d.d. and its subsidiaries Bilokalnik-IPA d.d., Unijapapir d.d. after obtaining the approval of Croatian Takeover Commission.
As consideration, the shareholders of Belišce are offered HRK 500 (ca. € 68.5) per share in cash. The offered share price represents a premium of 10/32/44% over the 3/6/12 - month weighted average share prices of Belišce prior to the announcement of Duropack’s intention to launch a takeover offer on February 24, 2010.
As consideration, the shareholders of Bilokalnik and Unijapapir are offered HRK 90 (ca. €12.3) and HRK 1,690 (ca. €231.5) per share in cash, respectively.
The acceptance period for the takeover offers will start on April 22, 2010 and will last for 28 calendar days through May 19, 2010.
Belišce is a company in the paper and corrugated board industry in South Eastern Europe with ten production sites in Croatia, Slovenia, Serbia and Macedonia. Belišce is listed at the Zagreb Stock Exchange since 2003. In 2009 the company reached sales of HRK 924 million (ca. €138.3 million) and a net income after minorities of HRK 2 million ( ca. €0.3 million).
Duropack intends to rely on the existing management and the highly qualified workforce of
Belišce, which helped to build up Belišce to its current regional market position. From the current perspective, Duropack also does not expect large changes in the employment policy as a result of this Takeover Bid, as long as this is allowed by the macroeconomic and business developments.
In order to strengthen Belišce’s equity base and to lower Belišce’s debt level, Duropack as the largest single shareholder intends to propose a capital increase of up to EUR 20 million at the upcoming annual general meeting. Duropack plans to fully participate in this capital increase.
Duropack intends to retain future Belišce’s earnings in order to repay liabilities and lower Belišce’s debt level. Over the next years these two measures may significantly improve Belišce’s debt level and together with a stronger balance sheet will help to secure the necessary funds required to further modernize and expand the existing operations in the current volatile economic environment.
Duropack AG is a leading corrugated board producer in Central and Eastern Europe. In 2009,
the company sold 502 million square meters of corrugated board and produced 167,000 metric
tons of base paper. It generated sales of €262.4 million with 2,105 employees.
The Constantia Packaging Group operates in the "aluminum", "corrugated board" and "flexible
packaging" businesses. Approximately 7,800 employees in 19 European, Asian and American
countries produce raw aluminum, semi-finished aluminum products as well as packaging solutions from aluminum, plastic and corrugated board packaging for the food, beverages, pharmaceuticals, automotive, aviation and other industries.
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Source: Constantia Packaging AG; 20100419 |
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© VCP AG 2010
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