In the meantime, Sulzer notes:
. InCentive still has not withdrawn its proposal to take control of the Board of Sulzer at the AGM, and thereby also of Sulzer Medica, without any payment and over one month before shareholders decide the outcome of its bid. Shareholders should reject InCentive’s proposals at the AGM on April 19.
. The value of InCentive’s cash offer is not CHF 410 per share. It is CHF 390 per share, since InCentive intends to deduct from its offer price the dividend of CHF 20 proposed to be paid to Sulzer shareholders.
. CHF 390 is far too low for Sulzer’s industrial businesses.
. Sulzer shareholders are expected to have until May 22 to decide upon InCentive’s offer. Before the anticipated start of InCentive’s offer period on April 17, Sulzer will give a detailed response, explaining why shareholders should not accept InCentive’s bid.
. As always, InCentive leaves many questions unanswered. Sulzer will continue to press for answers.
Commenting, Leonardo Vannotti, Chairman of Sulzer said:
“InCentive should be transparent with its figures. It is bidding 390 francs a share in its cash offer, not 410. It holds 5.4% of Sulzer shares, not 14%. InCentive should only obtain board control if its bid is accepted.”
Fred Kindle, Chief Executive of Sulzer, said:
“390 francs per share does not begin to recognise the value and potential of Sulzer’s core businesses, the cash we will release from property sales and disposals of non-core businesses and the value potential of Hexis.” |