The Board of Scania criticises MAN’s offer
The Board of Directors of Scania notes that MAN’s All Cash Alternative is currently worth SEK 464 per share*. This is a lower price than we understand was the highest SEK equivalent price paid by MAN to acquire Scania shares in the market, which was the basis for the modified offer.
Furthermore, the Board of Directors notes that the terms of MAN’s offer as represented in the offer document are substantially the same as those published by MAN on 12 October. However, MAN has omitted to include in the document that the Board of Directors of Scania rejected the offer on 12 October.
Scania will raise both of the above issues with the Swedish Securities Council.
The Board of Directors will finalise its review and revert with a full response and reasoned statement to MAN’s offer in due course.
* Using the SEK/EURO exchange rate of 9.0490, derived from WM/Reuters as of 16:00 (London time) 16 November 2006
For further information, please contact Cecilia Edström, Senior Vice President, Corporate Relations, telephone +46 70 588 35 57