Former Forbo Board Member Increases Holding To Abo
Eglisau, Switzerland, January 24--The Forbo Board of Directors has taken note that Michael Pieper and companies under his control have increased their interest in Forbo to more than 20%, with 8% being listed in the share register as carrying voting rights. At the same time the Board of Directors has announced that various bidders will shortly conclude their due diligence process.
According to their own notification, Michael Pieper and two companies under his control, i.e. Franke Holding AG and Franke Beteiligungen I AG, are now in possession of more than 20 % of the shares of Forbo Holding AG. Through this strong shareholder position, Michael Pieper will strongly influence the outcome of the current bidding process. Further, Michael Pieper has informed the Board of Directors that he is in contact with various bidders. But the Board of Directors is aware of neither Mr Pieper’s concrete intentions nor the content of these contacts.
The due diligence processes carried out in recent months by interested bidders have been largely concluded. To clarify the future ownership structure in the shareholders’ and the company’s interest as soon as possible, the Board of Directors has decided to proceed as follows: Remaining due diligence actions will be completed in the next few days so that the company management can again fully focus its efforts on the day-to-day business. The unaudited accounts of the business year 2004 will be made available to the bidders by mid-February. In case an offer or preliminary notification is not published until 25 February, the Board of Directors will no longer actively pursue the process initiated by the bidders.
