- Today Oerlikon published the minor specifications to its offer as stipulated by the Takeover Board.
- The bidding period commences today and is expected to end on December 1st.
- Discussions between Oerlikon and Saurer regarding future management structures are proceeding amicably and in an open atmosphere.
- Strengthening of the high-tech and industrial location Switzerland.
Pfäffikon, Switzerland, November 6, 2006 - OC Oerlikon Corporation AG, Pfäffikon ("Oerlikon," valor number 81 682, ticker symbol: OERL) today published the minor changes to the prospectus of the public tender offer for all publicly-held shares of Saurer AG ("Saurer") at the price of CHF 135 per share. The bidding period thus begins today and the Saurer shareholders can tender their shares included in Oerlikon's offer.
In its recommendation of October 31, 2006, the Takeover Board approved Oerlikon's offer in all essential points, but did request that several minor specifications be made to the offer prospectus. "This means that the takeover can now be completed rapidly and smoothly," stated Thomas Limberger, CEO of Oerlikon. "With the new Oerlikon Group, Switzerland's position will be strengthened as a high-tech and industrial location in global competition," according to Mr. Limberger.
In addition to slight fine-tuning of the text regarding the offer conditions, the Takeover Board's recommendation requested that Oerlikon list its intentions regarding Saurer's Board of Directors and Executive Committee. Discussions are ongoing with Saurer about these topics. The goal is to find an ideal solution for the management structures as well as to define the next steps towards cooperation between Oerlikon and Saurer. Also included in these discussions is the future composition of Saurer's Board of Directors and Executive Committee. "The discussions between Oerlikon and Saurer are proceeding in an open and amicable atmosphere," according to Limberger. "Both sides have the goal of leading the takeover to a successful conclusion. We will rapidly solve all the outstanding issues together."
The Sauer Board of Directors supports Oerlikon's offer and will publish its detailed report by November 7, 2006 at the latest.
The new schedule for Oerlikon's offer now is as follows:
- November 6, 2006: Start of the bidding period
- December 1, 2006, 4:00 pm: The bidding period ends
- December 4, 2006: Release of the provisional interim results to the electronic media
- December 8, 2006: Release of the definite interim results to the print media
- December 8, 2006: Start of the cooling off period
- December 21, 2006: 4:00 pm CET: end of the cooling off period
- December 22, 2006: Release of the provisional final results to the electronic media
- December 29, 2006: Release of the definite final results to the print media
- January 10, 2007: Payout of the offer price
Additional information
- Credit Suisse, Zurich has been entrusted with the execution of this transaction.
- Copies of the offer prospectus and the specifications can be downloaded from the transaction Web site at www.oerlikon.com/transaction and will be sent upon request by Oerlikon or Credit Suisse, Zurich Department VAIA 12 (phone: +41 44 333 43 85, fax: +41 44 333 35 93, e-mail: equity.prospectus@credit-suisse.com).
Additional information
www.oerlikon.com/transaction
This press release contains information based on the current state of knowledge. Unpredictable risks and influences can under certain conditions cause deviations from the statements made.
