Nexans notes the position of Draka Holding NV
Paris, October 27, 2010 - Nexans takes note of the position of Draka Holding NV in relation to its announcement on October 18 of its intention to enter into discussion with Draka Holding N.V. with a view to launching a recommended offer for the company.
This contemplated offer, backed by Flint Beheer NV, at a price of 15 euros per share entirely in cash, represents for Draka's shareholders an attractive premium of 28.4% compared to the average closing share price of the three months preceding October 18. Nexans thus believes that its proposed offer fully values the company.
Nexans’ contemplated offer would allow the Draka Group and its associates to join forces with the world leader in the cable sector to continue their development in a context of industry consolidation.
Nexans expresses its surprise that Draka Holding N.V. qualifies the contemplated offer as “inadequate” although Draka’s Supervisory Board and Management Board have refused any discussion to date.
Nexans remains open to discussions and is studying its various options.
Nexans will, in accordance with article 4 paragraph 3 andarticle 7 paragraph 1 of the Dutch Decree on Public Takeover Bids ("Besluit openbare biedingen Wft") keep the market informed of any further material developments and, in any case, will provide an update by no later than 24 November 2010.
This announcement does not constitute an offer to purchase or the solicitation of an offer to sell any securities, nor shall there be any sale or purchase of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. An offer to purchase, if made, will be made pursuant to an offer document that will be submitted for approval by competent regulatory authorities, including the Netherlands Authority for the Financial Markets ("Autoriteit Financiële Markten"). No assurance can be given that an offer will be made, or as to the terms of any offer that might be made.
This press release is issued pursuant to article 4 paragraph 3 and article 5 paragraph 2 of the Dutch Decree on Public Takeover Bids ("Besluit openbare biedingen Wft").
With energy as the basis of its development, Nexans, the worldwide leader in the cable industry, offers an extensive range of cables and cabling systems. The Group is a global player in the infrastructure, industry, building and Local Area Network markets. Nexans addresses a series of market segments from energy, transport and telecom networks to shipbuilding, oil and gas, nuclear power, automotive, electronics, aeronautics, handling and automation. With an industrial presence in 39 countries and commercial activities worldwide, Nexans employs 22,700 people and had sales in 2009 of 5 billion euros. Nexans is listed on NYSE Euronext Paris, compartment A. More information on www.nexans.com.