DGAP-News: artnet AG / Key word(s): Acquisition/Acquisition
artnet AG: - artnet AG receives voluntary public takeover bid from
Redline Capital Management S.A. - Bid price merely represents the
legally stipulated minimum value
03.09.2012 / 11:46
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Berlin, September 3, 2012 - On August 31, 2012 Luxembourg-based Redline
Capital Management S.A., published the voluntary public takeover bid ('bid
document') to the shareholders of artnet AG which has been reviewed and
approved by the Federal Financial Supervisory Authority (BaFin) and sent it
to the Management Board of artnet AG
(www.artnet.com/investor-relations/takeover-bid). The takeover bid was made
in the form of a cash bid at EUR 6.40 per registered share. This means that
the bid price merely represents the minimum value stipulated under section
4 WpÃG-Angebotsverordnung (German Takeover Act) (cf. subparagraph 10 (b) of
the bid document). The voluntary public takeover bid published by Redline
Capital Management S.A. is not offering shareholders any additional premium
beyond that.
Subparagraph 13.1 of the bid document makes the completion of the voluntary
takeover bid by Redline Capital Management S.A. conditional on the
following:
* minimum acceptance threshold of 56% of all artnet shares,
* non-entry of certain statute changes by artnet AG in the companies'
registry and
* a minimum of 6,300 points in the DAX stock market index at the close of
trading on the expiry date of the voluntary public takeover bid.
In case of the aforementioned conditions not being met or fulfilled, those
artnet shareholders who have accepted the offer, would have to bear the
transaction reversal costs and expenses charged by the portfolio managing
banks (cf. subparagraph 13.3 of the bid document).
The Management Board and the Supervisory Board of artnet AG are convinced
of the viability of their growth-oriented strategy and of artnet's growth
potential and are committed to the company's continued independence. After
a thorough review of the bid, the Management Board and the Supervisory
Board will issue a reasoned statement on the bid within the legal deadlines
and publish it on the company's website as well as in the Federal Gazette.
About artnet
artnet is the international transaction platform for the art market with an
integrated information offering. artnet Auctions allows rapid transactions
at little cost, the artnet Price Database offers objective price
information and artnet Galleries provides a global market overview. In its
20-year existence, B2B company artnet has also opened up to the B2C
business, while it further operates a qualified C2C business on artnet
Auctions. This dynamic forms its own cycle. The artnet information services
lend artnet Auctions a knowledge advantage. The auction players are
potential new buyers in artnet Galleries as well as potential new
subscribers to other artnet products. And on artnet Auctions, art
collectors can not only buy, they can also sell. Both among experts and for
private collectors, artnet is thus synonymous with efficient.
www.artnet.com | www.artnet.de | www.artnet.fr
artnet AG, OranienstraÃe 164, 10969 Berlin - E-Mail IR@artnet.com - Tel.
+49 (30)20917820
ISIN DE000A1K0375, WKN A1K037, ART
End of Corporate News
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03.09.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: artnet AG
OranienstraÃe 164
10969 Berlin
Germany
Phone: +49 (0)30 20 91 78 -0
Fax: +49 (0)30 20 91 78 -29
E-mail: info@artnet.de
Internet: www.artnet.de
ISIN: DE000A1K0375
WKN: A1K037
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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183940 03.09.2012
DGAP-News: artnet AG: - artnet AG receives voluntary public takeover bid from Redline Capital Management S.A. - Bid price merely represents the legally stipulated minimum value
| Source: EQS Group AG