Forbo Board Member to Step Down, May Increase Inve
Eglisau/Zurich, Switzerland, December 10--The Board of Directors of Forbo announced that Michael Pieper has stepped down from his directorship at Forbo Holding effective immediately.
His resignation was for good corporate governance reasons because he may further invest in Forbo within the framework of the company's announced capital increase.
Pieper has been holding personally and via his Franke Holding AG a consolidated share of slightly less than five percent of Forbo for several years.
As a member of the board, Pieper is subject to Forbo’s insider trading regulations. As stated in his letter of resignation to the Board, Pieper regards his investment as long-term, strategic and not speculative; he further remains bound by the lock-up agreement he signed in connection with the capital increase.
His intentions are a sign of trust in the potential and the future of the organization and he does not wish to place any hurdles in the way of any interested party with an industrial strategy, but would indeed support it, Pieper stated.
In this connection, Forbo announced that Pieper was never directly involved in the negotiations with CVC Capital Partners (CVC) or other parties interested in the possibility of a takeover.
Forbo also announced that CVC, together with its advisors, has begun the due diligence process. Forbo has, in the meantime, received further serious enquiries from various interested parties with a financial or industrial background.
All those interested parties have put together their own advisory teams. Preliminary price indications of those interested parties are at the same level as, or slightly higher than the offer from CVC. The process with the other interested parties will be continued as already communicated.
