Geberit receives competition clearance for acquisition of Sanitec
On 14 October 2014, Geberit AG (“Geberit”) announced a public offer to the shareholders of Sanitec Corporation (“Sanitec”) to tender all shares in Sanitec to Geberit at a price of SEK 97 in cash per share (the “Offer”). On 23 December 2014 Geberit extended the acceptance period in the Offer to 2 February 2015.
According to the release published today by Geberit, Geberit has now received necessary competition clearance for completion of the Offer from the relevant competition authorities. As a result, completion of the Offer is no longer conditional upon receipt of necessary clearance from authorities.
The extended acceptance period allows remaining shareholders of Sanitec to accept the Offer until 2 February 2015 at 5:00 p.m. (CET). According to Geberit, settlement will be initiated as soon as Geberit announces that also the further conditions for the Offer have been fulfilled or Geberit otherwise decides to complete the Offer. If such announcement takes place on 3 February 2015, at the latest, the sale and purchase of the shares validly tendered is expected to be initiated on or about 10 February 2015.
For additional information, please contact:
Head of Investor Relations
mob. 46 76 855 7836
Head of Corporate Communications
tel. 358 10 662 5426
About Sanitec – “Home of the Bathroom”
Sanitec is the leader in bathroom ceramics in Europe. We have a unique portfolio of some of the most well-known brands with deep roots in the European fixtures markets, strategically positioned to address local markets. We care passionately about people’s needs when it comes to complete bathroom concepts, providing products that stand for guaranteed quality, high level of innovation and attractive design. Stable relationships with key stakeholders in the value chain and our unique brand strengths foster our leading position as well as the loyalty and trust amongst our customers, our network of installers and the end users of our products.
Sanitec operates an integrated European group with an unparalleled local presence to provide the best value when it comes to bathroom products. In 2013 net sales amounted to EUR 702 million. Our production network includes 18 production facilities throughout Europe and currently Sanitec employs approximately 6,200 people. Our head office is located in Helsinki, Finland. The shares in Sanitec Corporation are traded on NASDAQ Stockholm under the symbol “SNTC”.
For more information about Sanitec, please visit www.sanitec.com.