 |
2006-09-24 News Release
Packaging group rejects
takeover bid
A global provider of packaging solutions rejects a takeover offer from
a UK private equity firm and a Norwegian packaging group as inadequate
and too low.
Last Friday, in a letter to the SIG Board of Directors, CVC Capital Partners,
a British private equity firm and FERD, Norwegian parent of the Elopak packaging group , expressed their interest in taking over SIG Holding Ltd.,
Neuhausen am Rheinfall, Switzerland, at a price of CHF 325.- up to 350.-
per share. Various conditions were attached to this offer, including the
granting of exclusivity and prior due diligence. Today, the SIG Board
of Directors decided, in the interest of all shareholders and the company,
to reject the offer as inadequate and too low. In order to allow shareholders
to decide on the optimal solution for SIG, and in view of earlier indications
of interest from various parties, the Board of Directors has decided that,
in addition to CVC/FERD, other interested parties should now be given
an opportunity to carefully evaluate an acquisition of SIG.
Find
Information and Suppliers of packaging machinery.
The Board of Directors is convinced that the value of SIG is significantly
higher than the price indication mentioned by CVC/FERD. Through the strategy
adopted last November, SIG, as an independent group, is in a position
to generate substantial value added in the coming years, in which all
its shareholders will be able to participate. The successful focusing
of the group in the past two years on its core competencies and the very
pleasing 2006 half-year results, which are higher than market expectations,
illustrate that SIG is achieving a continuing creation of value that will
benefit all shareholders. Since the beginning of 2004, the value of the
SIG share has risen by over 60 percent.
|
SIG beverage cartons. Click
Go for larger image. photo: SIG |
|
In recent years, SIG has evaluated potential partnerships with a number
of companies and financial investors. In this context the SIG Board of
Directors had also approached FERD/Elopak with regard to a possible acquisition
of the Norwegian packaging group.
In order to allow shareholders to decide on the optimal solution for SIG,
and in view of earlier indications of interest from various parties, the
Board of directors has decided that not only CVC/FERD, but also other
interested parties should be given an opportunity to carefully evaluate
an acquisition of SIG. Consequently, within the next few days, the Board
of Directors will establish the ground rules under which potential buyers
might undertake due diligence.
Find
information about SIG Holding AG.
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 complement the product spectrum (SIG Beverages
division). In 2005, the approximately 4,800 employees generated annual
net sales (continuing business) of EUR 1 207 million. 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. 001202249).
Read a recent press release about - Aseptic carton packaging and filling
machines company is celebrating
25 years of activity in Austria and now servicing customers in 19
other countries.
Packaging
Jobs - Post Employment Opportunity!
Click
here to view more news headlines.
E-mail this page to a friend 
|
|
Maybe
it's time to check your Homeowners
1.gif) 
News / Resources
- Ad Hoc
Packaging division may be up for sale
- Certification, Training and Courses
from The American Management Association
- Small
quantities Fast - Plastics, Metals, Tool Steel and ...
-
Looking for a Study Program?
- All this Months News
- Changing Jobs? View
Homes for Sale in the U.S.
- Get
a $100 Statement Credit with Business Gold Rewards from American Express
Copyright
- Unless otherwise
stated all contents of this web site are © 1998/2006 JOBWERX.COM.
– All Rights Reserved. For permission to reproduce any contents of this
web site, please advise our Syndication department: Log onto HELP
|
