Trelleborg makes bid to acquire all shares in Icopal A/S
Trelleborg has made an offer to the shareholders in Icopal A/S to acquire
all of the shares in the Danish company for DKK 380 per share,
corresponding to a total price of DKK 3.5 billion for all of the shares.
The offer represents a premium of around 29 percent, compared with the
last paid price on Thursday and about 30 percent compared with the average
share price for the most recent 60 trading days.
Icopal, which is listed on the Copenhagen Stock Exchange, reported
consolidated sales of slightly more than DKK 5 billion in 1999.
Icopal has four business areas. Its main operations are roofing products,
with annual sales of DKK 3.9 billion. Other operations focus on road
surfacing, plastic foils and plastic tubes. In 1999, Icopal had slightly
more than 4,000 employees in Denmark, Finland, Norway, Sweden, the UK,
Germany, Belgium, France, Poland, the Czech Republic and the US.
Trelleborg-Icopal combination set to become a leader in the European
market for roofing and seal products. Since 1996, Trelleborg's industrial
operations have grown from around SEK 5 billion to SEK 13.5 billion. The
most recent two major acquisitions related to a majority holding in
Pirelli's farm machine tires operations and the current year's acquisition
of Invensys' Antivibration Systems for the automotive industry. Combined,
the acquisitions have provided Trelleborg with leading positions within
these product areas. Correspondingly, the acquisition of Icopal would
provide a leading position in Europe, with good prospects for continued
expansion in both Europe and North America. Following the acquisition of
Icopal, the main office for Trelleborg Building Systems would be located
in the Copenhagen area.
The offer is conditional upon Trelleborg acquiring at least 90 percent of
the share capital. The offer is also subject to the approval of the
A complete offer prospectus is available on the Trelleborg website;
For further information, please contact Trelleborg AB's President and
Group CEO Fredrik Arp, telephone: +46 410 670 00, or Senior Vice President
Corporate Communications Mikael Byström, telephone: +46 410 670 37
Please visit http://www.bit.se for further information
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