This is a joint press release of Stork N.V. and London Acquisition B.V. pursuant to the provisions of Section 9b, subsection 2.a, of the Dutch Securities Trade Supervision Decree 1995 (Besluit toezicht effectenverkeer 1995).
This is not a public announcement that a public offer is to be made, but that the expectation is justified that agreement can be reached on the terms and conditions of an offer agreement. Not for release, distribution or publication, in whole or in part, in the United States of America, Japan or Canada.
Intended recommended cash offer of EUR 47 per share for Stork
-- London Acquisition B.V. ("the Offeror"), a holding company controlled by funds managed and advised by, or affiliated with, Candover, intends to make a recommended cash offer of EUR 47 ex dividend per ordinary share in Stork N.V. ("Stork" or the "Company") which represents a total value of EUR 1.5 billion;
-- The Intended Offer price represents a 19% premium over Stork's average closing share price of EUR 39.38 for the three months prior to 19 June 2007, the day on which Stork announced that it was discussing the Intended Offer with Candover;
-- The Supervisory Board, including the Extraordinary Supervisory Board members, and the Management Board of Stork fully and unanimously support and recommend the Intended Offer;
-- The Stork Works Council has been informed and believes the transaction is a good step to allow Stork to continue with its strategy;
-- Stork's shareholders Centaurus and Paulson, who collectively own approximately 33% of the issued ordinary share capital of Stork, have expressed their support for the Intended Offer and have irrevocably committed to tender their shares in Stork under the Intended Offer, when made;
-- The Offeror supports the strategy of the Management Board of growing the three businesses autonomously and by selective acquisition which it believes will create a more stable environment for Stork, its employees and customers;
-- All existing rights of the employees will be respected by the Offeror. There will be no direct negative consequences for the existing employment level of Stork as a result of the Intended Offer, when made.
N.B.: Candover means Candover Investments plc and / or one or more of it one or more of its subsidiaries, including Candover Partners Limited as Manager of the Candover 2005 Fund.