- WKN: A0JBPG
- ISIN: DE000A0JBPG2
- Land: Deutschland
Nachricht vom 29.11.2019 | 10:44
PNE AG: Board of Management and Supervisory Board of PNE AG continue to recommend accepting the take-over offer by Morgan Stanley Infrastructure Partners
DGAP-News: PNE AG
/ Key word(s): Offer/Statement
Board of Management and Supervisory Board of PNE AG continue to recommend accepting the take-over offer by Morgan Stanley Infrastructure Partners
- Supplementary reasoned opinion according to § 27 WpÜG published
- Support for delisting only as of reaching more than 50%
The Board of Management and Supervisory Board of PNE AG have independently from another assessed the total sum of compensatory measures, based on the offered price per ONE share, and continue to consider the offer as adequate. Based on the extensive assessment and the further explanations in the supplementary statement the Board of Management and the Supervisory Board continue to recommend PNE shareholders to accept the offer. The Board of Management and Supervisory Board welcome the fact, that the MSIP offer has already been accepted by a wide range of shareholders of PNE AG. This confirms the Board of Management and Supervisory Board in their support for the offer.
The Board of Management and Supervisory Board have independently and carefully analysed and evaluated the option to exercise the termination right. In this regard, they have in particular taken into account that a significant part of the obligations of the Company, such as the obligation to support the Offer, had already been fulfilled and, therefore, had not to be considered in this decision anyways. The additional commitment of the Board of Management, that has been given in the investment agreement, to support the Bidder's taking private strategy, subject to the Board of Management's fiduciary duties at the relevant point in time, by way of a delisting still only applies in the case that the Bidder acquires a share of more than 50% in the share capital of the Company during the term of the investment agreement, i.e. until April 2022. As long as the Bidder does not acquire such shareholding quota, there is no commitment of the Board of Management to support the taking private strategy of the Bidder.
The Board of Management and Supervisory Board have further particularly considered, that the following provisions of the investment agreement only fully apply after execution of the offer:
- intention of the Bidder to support the Scale-Up strategy;
- protective guarantees by the Bidder concerning essential parts of the company, sites and production facilities, employees and brands;
- obligation of the Bidder, not to pursuit the distribution of special dividends or a change to the dividend policy;
- limitation of the nomination of Supervisory Board members by the Bidder to a third of the provided positions at a total share of more than 20% and less than 50%, as well as guaranteeing the appointment of at least one independent and not by the Bidder proposed member of the Supervisory Board in line with the German Corporate Governance Code; and
- obligation of the Bidder for last resort financing as well as bridging financing.
The aforementioned provisions are relevant to PNE AG, even after waiving the minimum acceptance threshold, since it is likely, that the Bidder will in any case represent a sufficient number of voting rights to reach the simple majority at future annual general meetings. This conclusion is based on the latest notification of the Bidder, holding almost 40% of the outstanding PNE shares.
The entire supplementary opinion of the Board of Management and the Supervisory Board is published on the company website https://ir.pne-ag.com/en/share/#section220.
Contacts for enquiries
|Phone:||04721 / 718 - 06|
|Fax:||04721 / 718 - 200|
|ISIN:||DE000A0JBPG2, DE000A2LQ3M9, , DE000A12UMG0,|
|WKN:||A0JBPG, A2LQ3M, , A12UMG,|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||924711|
|End of News||DGAP News Service|
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