- The prospectus of the public tender offer for all publicly held Saurer AG shares is going to be published today.
- Board of Directors of Saurer AG recommends its shareholders to accept the cash offer of CHF 135 per share.
- Oerlikon and Saurer on the way to a European high-tech engineering group.
Pfäffikon SZ (Switzerland), October 18, 2006 – OC Oerlikon Corporation AG, Pfäffikon, (“Oerlikon”, security no. 81 682; ticker symbol: OERL) today published the prospectus detailing its public bid for all publicly held shares of Saurer AG (“Saurer”) at a price of CHF 135 per share in cash. The Board of Directors of Saurer recommends its shareholders to accept the offer. This offer is 44.51% above the average opening price of the last 30 trading days prior to the pre-announcement of the offer published on September 6, 2006 and 58.38% above the closing price three months prior to the pre-announcement of the offer published on September 6, 2006.
The offer is expected to be open from November 1, 2006 through November 28, 2006. An extension up to a maximum of 40 trading days is allowed without further approval. On October 11, 2006, Oerlikon passed the threshold of 33.3% of the shares and voting
rights of Saurer AG and today issued the mandatory offer for the purchase of all outstanding publicly held shares of the company. The Board of Directors of Saurer has recommended the acceptance of the offer, according to its press release of October 17,
“The aim of the offer is to create a high-tech engineering group in Switzerland with a global reach based on Saurer and Oerlikon,” explains Thomas Limberger, CEO of Oerlikon. The timing of the transaction fits perfectly with Oerlikon’s longterm corporate strategy. “Now that the turnaround has been achieved, we are entering a period of expansion. And we want Saurer to become part of this growth dynamic.”
- Credit Suisse, Zurich, has been commissioned with the execution of this transaction.
- Copies of the offer prospectus can be downloaded from the transaction website
www.oerlikon.com/transaction and, upon request, will be forwarded by Oerlikon or by Credit Suisse, Zürich, Department VAIA 12 (Phone +41 44 333 43 85, Fax: +41 44 333 35 93, E-mail: email@example.com).