ERIKS holds 99.1 per cent of the Shares in the capital of EconostoFrom
Executive Board ERIKS group nv
+31-72 54 75 888
10 June 2008
ERIKS holds 99.1% of the Shares in the capital of Econosto; ERIKS to initiate squeeze-out procedure to obtain remaining Shares
This is a public announcement of ERIKS group nv ("ERIKS") pursuant to the provisions of section 17 paragraph 4 of the Dutch Decree on Public Takeover Bids (Besluit Openbare biedingen Wft). Not for release, distribution or publication, in whole or in part, in or into the United States of America and Canada.
Reference is made to the press releases issued by ERIKS group nv (“ERIKS”) on 31 March 2008, 1, 2, 3, 7 and 16 April 2008, 26 and 27 May 2008 and 5 June 2008 in respect of its (intended) public offer for all of the issued and outstanding ordinary shares in the share capital of Royal Econosto N.V. (“Econosto”) with a nominal value of EUR 0.50 each (the “Shares”) at an offer price of EUR 8.21 in cash per Share (the “Offer”). On 26 May 2008 ERIKS declared the Offer unconditional. The listing of the Shares on Euronext Amsterdam shall be terminated on 7 July 2008.
Post-acceptance periodDuring the post-acceptance period that ended at 18:00 hours CET on Monday 9 June 2008 (the "Acceptance Closing Date") 641,093 Shares were tendered under the Offer. The Shares tendered for acceptance under the Offer during the post-acceptance period represent 4.0% of the issued and outstanding share capital of Econosto and have an aggregate value of EUR 5,263,374.
The Shares tendered under the Offer during the post-acceptance period, together with the 15,398,870 Shares held by ERIKS on the Acceptance Closing Date amount to a total of 16,039,963 Shares, representing 99.1% of the issued and outstanding share capital of Econosto.
ERIKS shall use reasonable endeavors to arrange that, in respect of each Share that was validly tendered (or defectively tendered, provided that ERIKS has waived such defect) and delivered (geleverd) during the post-acceptance period, the payment of the offer price per Share shall be made within 3 (three) trading days after the date on which the relevant tender and delivery was made.
Squeeze-out procedureAs soon as reasonably practicable ERIKS shall initiate a squeeze-out procedure to acquire the remaining Shares.
For further information
ERIKS head officeMr. Jan van der Zouw / Mr. Jan de Boer
ERIKS group nv Rokin 55
Arcadialaan 14, Victory Building 32-C
1813 KN Alkmaar
Tel: +31 (0) 72 547 58 88
Exchange AgentFortis Bank (Nederland) N.V.
1012 KK Amsterdam
Tel: +31 (0) 20 527 24 67
Fax: +31 (0) 20 527 19 28
This press release includes “forward-looking statements” and language indicating trends, such as “anticipated” and “expected”. Although ERIKS believes that the assumptions upon which its financial information and forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from ERIKS’ projections and expectations are disclosed in ERIKS’ annual report for the year ended 31 December 2007 and in other documents which are available on ERIKS’ website at www.eriks.com. These factors include, among others, changes in consumer preferences and product trends; price discounting by major competitors; failure to realize anticipated results from synergy initiatives; failure to obtain regulatory consents or other third party approvals; and increases in costs generally. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. ERIKS does not undertake to update forward-looking statements relating to its businesses, whether as a result of new information, future events or otherwise. ERIKS does not accept any responsibility for any financial information contained in this press release relating to the business or operations or results or financial condition of Econosto.
This press release is also published in Dutch.
For further information please contact Mr. J. van der Zouw, CEO and/or Mr. J.G. de Boer, CFO