Aug 23 2007
The Managing Board of Wienerberger AG (Vienna, Austria) has announced that it has completed the offer for Baggeridge Brick PLC and is now entitled compulsorily to acquire all its outstanding shares such that Wienerberger will shortly control 100% of the company.
The purchase price for 100% of the British company amounts to £100 million, taking into account the acquisition of the initial 32% of its shares at 230 pence. The Final Offer of 247 pence per share was closed on 17 August 2007. As a consequence and in accordance with the British Companies Act 2006, Wienerberger intends to compulsorily acquire the outstanding shares of Baggeridge. In due course formal notices will be posted to Baggeridge Shareholders whose acceptances are outstanding.
Wolfgang Reithofer, CEO of Wienerberger AG, commenting on the closing of the offer said: "This represents a milestone in the long-term success story of our company and we are very pleased to complete this acquisition. Subsequently, we intend to procure the de-listing of Baggeridge and register the brickmaker as a private company.
“With its experienced management team and employees, its potential for synergies and its major raw material reserves, Baggeridge will assist with achieving sustainable growth and enhance our position. The combined operation will become the third largest brickmaker in Great Britain, the largest facing brick market in Europe. Ultimately, we want to bring together the best of both Wienerberger and Baggeridge in order to better serve our customers and seize new market opportunities."