Result of Greentech's offer of acquisition of Fersa
8/1/2012 8:22 AM EST
Greentech Energy Systems A/S
Company Announcement
Result of Greentech's offer of acquisition of Fersa
Copenhagen, 1 August 2012
Company Announcement no 21/2012
TODAY CNMV HAS INFORMED GREENTECH THAT THE COMPANY’S TAKEOVER BID ON 100% OF
FERSA ENERGIAS RENOVABLES SHARES HAS OBTAINED 41.81% OF ACCEPTANCE RATE FOR A
TOTAL OF 58,532,198 OF SHARES TENDERED.
Greentech’s condition of minimum acceptance rate of 50% + 1 shares or
70,001,890 of shares was not achieved so Greentech’s takeover bid is not
successful and therefore the Company will not accept the shares tendered.
Peter Høstgaard, chairman of Greentech, comments:
“We strongly believed that our cash offer at a price of EUR 0.40 was very
compelling for all Fersa’s shareholders to exit a Company with an uncertain
future and in need of capital, especially after the deterioration of the
economic and financial conditions in Spain of the last 4 months.
Greentech Energy Systems had an industrial approach that had allowed us to
offer to all shareholders a premium to what we considered already a high
valuation.
Considering the on-going and worsening market turmoil and the announced changes
in law in Spain which have occurred since the announcement of the Takeover Bid
and which will impair the renewable energy sector, this makes us not so unhappy
of the final outcome of this transaction.
Now, considering our strong cash position and our very strong controlling
shareholders, it’s time to remain vigilant to exploit many other opportunities
that will arise in the near future in order to achieve the target of 1 GW of
installed capacity.”
The Board of Directors
For further information, please contact:
Sigieri Diaz della Vittoria Pallavicini, CEO, tel: +45 33 36 42 02
Peter Høstgaard-Jensen, Chairman of the Board of Directors, tel: +45 40 10 88 71