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SIG Board of Directors welcomes succcess of Rank offer SIG Board of Directors welcomes succcess of Rank offer; Annual General Meeting scheduled for May 7, 2007 The Board of Directors of SIG welcomes the success of the offer of the Rank Group Holdings Ltd., which is in the best interest of its shareholders and all other stakeholders. A decisive step towards a new and promising future for SIG has been made. With the Annual General Meeting scheduled for May 7, 2007 and the payment of the offer price expected on May 11, 2007, the takeover process can be completed within a short space of time. A substantial number of SIG shareholders (49.52%) have tendered their shares into the attractive offer of Rank. Together with shares already in the possession of Rank (33.32%), the bidder now holds a stake of 81.31% in the total share capital of SIG. Consequently, Rank today declared their offer successful, subject to certain conditions. The SIG Board of Directors welcomes this development. In its report of March 22, 2007 the Board recommended the Rank bid because the adequacy of the offered price of CHF 435.— in cash per SIG share, the industrial logic and the intention of the buyer to continue to operate SIG under its current management team in Switzerland as a platform for future growth, all speak in favour of a combination with the New Zealand enterprise. Given the success of the Rank offer, the AGM, as suggested in the Board of Directors’ report of March 22, 2007, can now be held on May 7, 2007. The Board will submit those proposals that are necessary to fulfil the offer conditions, in particular, a proposal to lift the statutory registration limitations and voting right restrictions. Moreover, the Board will grant Rank an exemption from the registration and voting right restrictions. Finally, the Board of Directors will, as previously announced, refrain from proposing payment of a dividend because the gross amount of a dividend, or any other dilution effect that becomes effective before settlement of the offer, would be deducted from Rank’s offer price. Invitations to the AGM will be issued on April 16, 2007. The Board of Directors recommends those SIG shareholders who have not yet tendered their shares to Rank to do so during the additional acceptance period lasting from April 4 to 19, 2007.  Download Media Release 070330 (PDF, 25kB) For further details, please contact: SIG Holding AG, CH-8212 Neuhausen am Rheinfall/Switzerland Corporate Communications/Investor Relations: Thomas Werder, Tel.: +41 (0)52 674 63 06 Fax: +41 (0)52 674 65 56 E-Mail: thomas.werder@sig.biz SIG is a global provider of packaging solutions.Its product range includes the manufacture of cartons for beverages and food products, as well as machinery for the aseptic and non-aseptic filling of packages (SIG Combibloc division). In the PET sector, equipment for the production, coating and filling of plastic bottles completes the product spectrum (SIG Beverages division). In 2006, the approximately 4,675 employees generated annual net sales (continuing business) of EUR 1,349 billion. The company has its registered office in Neuhausen am Rheinfall ( Switzerland) and the SIG share is listed on the Swiss Exchange SWX (SIGN, security no. 1202249). Cautionary statement regarding forward-looking statements This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond SIG’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in SIG’s past and future filings and reports filed with the SWX Swiss Exchange and the U.S. Securities and Exchange Commission and posted on our websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication.SIG disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. News overview >> |
