Application by Vivartia to SEC for exercise of squeeze out
10/9/2007 12:17
Submission of application for the exercise of a ‘squeeze out’ by Vivartia SA to the Securities and Exchange Commission for the acquisition of the entire shares of Christis Dairies Public Limited
Further to the acquisition of 8.803% of the share capital of Christis Dairies Public Limited via the Public Offer expired on July 25, 2007, according to which the total stake of Vivartia in the capital of CDL reached 93.737%, Vivartia SA announces that pursuant to the provisions of article 36 of the Public Offering Law 2007, on September 7, 2007 it submitted an application to the Securities and Exchange Commission for the exercise of a ‘squeeze out’.
It is clarified that pursuant to the provisions of article 36 of the Public Offering Law 2007, in case that the Offeror has submitted a Public Offer to all shareholders for the acquisition of all titles, it is entitled to acquire the remaining titles of the company if it holds titles that represent at least 90% of the total titles that bear voting rights and at least 90% of the voting rights. The Offeror exercises this right within the period of three months from the expiry of the period of acceptance of the public offer, while the exchange for the acquisition of titles takes the same form and is equal to the exchange of the public offer.
The intention to exercise the ‘squeeze out’, in case that after the completion of the Public Offer of Vivartia it held CDL shares that represent at least 90% of the total voting rights, was mentioned in the Public Offer Document dated May 24, 2007, via which Vivartia had submitted a Public Offer for the acquisition of 100% of the issued share capital of CDL.
Following the approval of the ‘squeeze out’ by the Securities and Exchange Commission, Vivartia will proceed with the acquisition of the remaining shares of CDL on the basis of the Proposed Consideration provided by the Public Offer expired on July 25, 2007, that is, £0.29 cash per share of CDL of nominal value £0.25.
This announcement is released pursuant to the provisions of article 36(4)(d) of the Public Offering Law 2007.
Further to the acquisition of 8.803% of the share capital of Christis Dairies Public Limited via the Public Offer expired on July 25, 2007, according to which the total stake of Vivartia in the capital of CDL reached 93.737%, Vivartia SA announces that pursuant to the provisions of article 36 of the Public Offering Law 2007, on September 7, 2007 it submitted an application to the Securities and Exchange Commission for the exercise of a ‘squeeze out’.
It is clarified that pursuant to the provisions of article 36 of the Public Offering Law 2007, in case that the Offeror has submitted a Public Offer to all shareholders for the acquisition of all titles, it is entitled to acquire the remaining titles of the company if it holds titles that represent at least 90% of the total titles that bear voting rights and at least 90% of the voting rights. The Offeror exercises this right within the period of three months from the expiry of the period of acceptance of the public offer, while the exchange for the acquisition of titles takes the same form and is equal to the exchange of the public offer.
The intention to exercise the ‘squeeze out’, in case that after the completion of the Public Offer of Vivartia it held CDL shares that represent at least 90% of the total voting rights, was mentioned in the Public Offer Document dated May 24, 2007, via which Vivartia had submitted a Public Offer for the acquisition of 100% of the issued share capital of CDL.
Following the approval of the ‘squeeze out’ by the Securities and Exchange Commission, Vivartia will proceed with the acquisition of the remaining shares of CDL on the basis of the Proposed Consideration provided by the Public Offer expired on July 25, 2007, that is, £0.29 cash per share of CDL of nominal value £0.25.
This announcement is released pursuant to the provisions of article 36(4)(d) of the Public Offering Law 2007.
