Zurich, March 24—-Forbo shareholders approved rule changes at an extraordinary General Assembly of Forbo Holding AG held in Zurich today.
A majority voted in favor of a rule that requires that in case of a public purchase offer the price must at least correspond with the current share price and must, at the same time, not be lower than the highest price that the bidder paid for the company’s shares during the past 12 months.
Also, the change of the restriction of voting rights proposed by Michael Pieper was approved by nearly 100 percent of the shares represented. Thus the shareholders will now be entitled to vote on an equal basis with their capital interests in the company.
Shareholders also approved the election of five new members to Forbo's supervisory board. The outcome is a victory for Pieper, himself one of the candidates. The remaining four candidates were proposed by him.
The new board members are Dr. Peter Altorfer, Dr. Albert Gnägi, Hans Beat Gürtler, Dr. Rudolf Huber and Pieper. During a session after the Assembly, the Board of Directors of Forbo Holding AG elected Dr. Albert Gnägi as its new President and decided that This E. Schneider will resume the role of CEO and Delegate of the Board of Directors with immediate effect and under the conditions previously in force.
Their election means a CHF260-a-share takeover offer by U.K.-based private equity firm CVC Capital Partners Ltd. is likely to fail.
"I am glad that we could convince Mr. Schneider to again assume this role," said Gnägi. "As such Forbo has again a complete leadership team in order to accelerate the necessary restructuring moves and steps taken to improve the Group’s profitability."
