Jun 13 2007
The Board of Wienerberger AG (Vienna, Austria) has announced that it has purchased 32% of the outstanding shares in Baggeridge Brick PLC at a price of 230 pence per share. These shares represent the former irrevocable undertakings from the members of the Baggeridge Board of Directors as well as the trustees of the P.A. Ward family trust, P.A. Ward and other shareholders. According to rule 9.1. of the British Takeover Code, Wienerberger therefore raises its cash offer for all Baggeridge shares to 230 pence per share which equals £94.3 million for 100% of this company.
This revised offer is now only conditional upon acceptance of more than 50% of the shares in Baggeridge (including the already purchased 32%). The full terms and conditions will be detailed in the Revised Offer Document which will be posted to Baggeridge Shareholders shortly. The offer will remain open for a period not less than two weeks following the posting of the Revised Offer Document.
"The purchase of the 32% stake in Baggeridge is a significant step taken by Wienerberger towards gaining control. The price marks a very attractive premium and at 230 pence per Baggeridge Share represents better value than any rumored Michelmersh offer. We now look forward to an exciting future and to help finally bring to the end some of uncertainty that has been surrounding Baggeridge, its business, its management and its employees," said Wolfgang Reithofer, CEO of Wienerberger AG. "With this increased offer we reiterate our commitment to quickly acquire, integrate and further develop the Baggeridge activities in the United Kingdom and Ireland."
"The Board of Baggeridge continues to believe strongly in the merits of combining the UK operations of Baggeridge and Wienerberger and of Baggeridge becoming part of the world's No. 1 brick producer. This view is expressed in terms of certainty of value to shareholders, the prospects for our employees and pensioners and the benefits to other stakeholders. We continue to recommend all Baggeridge shareholders who have not accepted the Offer to accept the Revised Offer," concluded Alex Ward, Chairman of Baggeridge Brick PLC.