Squeeze-out and delisting unanimously approved
The majority shareholder of Miba AG, Mitterbauer Beteiligungs-Aktiengesellschaft (MBAG) in today’s shareholder meeting which was to decide on the squeeze-out and delisting of Miba AG, requested the conditional increase of the cash consideration from EUR 540 per share to EUR 565 per share.
This increase will only become effective upon the three conditions that
1. no objection against the shareholders‘ resolution is put on record during the shareholder meeting,
2. no lawsuit for the contestation or rescission of the shareholders’ resolution is filed and
3. no application for a re-assessment of the cash consideration in accordance with § 6 of the Austrian Squeeze-out Act is made.
This proposal followed an increase of the price offered by MBAG to the preferred shareholders of Miba AG to EUR 565 per share on 18 September 2015 in the concurrent voluntary takeover offer.
MBAG justified today’s conditional rise in the squeeze-out price with saving legal and consulting costs as well as time required for the related review process in the interests of all shareholders. These savings can be passed on to all remaining free float shareholders in the form of a conditionally increased cash settlement if this cash compensation is not subject to a lengthy and costly re-assessment process.
The re-assessment of the cash consideration can be applied for until one month after the publication of the registration of the squeeze-out with the commercial register. Accordingly, only in the beginning of January
2016 it will be clear whether the conditions are met and whether the increase of the cash consideration has become effective.
The Extraordinary General Meeting has now unanimously approved this resolution and the resolution on the squeeze out. Accordingly, the listing of Miba AG will be terminated in the course of the fourth quarter of 2015.
Irrespective of the squeeze-out now decided, the deadline to accept the MBAG’s concurrent voluntary takeover offer at EUR 565 per share will end on 26 November 2015.