Gilde Formalizes Bid For Nedschroef
Gilde Formalizes Bid For Nedschroef
Jason Sandefur
Dutch investor Gilde Buy Out Partners BV officially launched a public takeover bid of EUR 59 (US$80.29) for fastener maker Royal Nedschroef Holding, Dutch News Digest reports.
The bid price values Nedschroef at EUR 265 million (US$360.6m). The move follows a share offer increase by Gilde in March, which Nedschroef’s board has urged shareholders to accept.
Completion of the buyout will depend on whether Gilde can capture 95% of Nedschroef’s shares, the amount required to delist the company from the Euronext Amsterdam stock exchange. Nedschroef reportedly will continue operating as an independent company under its present name.
Nedschroef reported 2006 sales increased 12% to EUR 413.5 million (US$545.2m), which included organic growth of 10%. Net profit grew 17.8% to EUR 18.9 million (US$24.9m). Web: nedschroef.nl �2007 FastenerNews.com
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