LAROX CORPORATION COMPANY ANNOUNCEMENT 27.1.2010 AT 3.30 PM
Final result of Outotec's mandatory public tender offer for Larox shares
Larox Corporation has today been informed about the final result of the
mandatory public tender offer, expired on January 22 2010, by Outotec Oyj for
all the shares issued by Larox.
According to the company announcement published by Outotec today the shares
tendered in the Tender Offer, together with the Larox shares already owned by
Outotec, represent approximately 98.5% of all the Larox shares and approximately
99.7% of all the votes attached to the Larox shares.
More detailed information concerning the payment of the offer consideration and
Outotec's directed share issue can be found in Outotec's company announcement
that is enclosed in its entirety to this company announcement.
Larox Corporation
Further information:
Juhana Ylikojola
President & CEO
Phone +358 207 687 266
Fax +358 207 687 380
juhana.ylikojola@larox.com
www.larox.com
Distribution NASDAQ OMX Helsinki Ltd., Central Media
Larox develops, designs and manufactures industrial filters and is a leading
technology company in its field. Larox is a full service solution provider in
filtration for separating solids from liquids. It supplies comprehensive
aftermarket services throughout the lifespan of the Larox solution. Companies
world-wide in mining and metallurgy, chemical processing and related industries
benefit from the Larox technologies. Larox operates in over 40 countries and
has about 600 employees. Larox has production facilities in Finland and in
China, and the Group is headquartered in Lappeenranta, Finland. Net sales in
2008 totaled 208.0 million euros, of which more than 93 % were generated by
exports and the company's foreign operations.
ENCLOSURE
OUTOTEC OYJ STOCK EXCHANGE RELEASE, JANUARY 27, 2010 AT 2.15 PM
Final result of Outotec's mandatory public tender offer for Larox shares and
directed share issue to Larox shareholders
The offer period under the mandatory public tender offer by Outotec Oyj
("Outotec") for all the series A and B shares issued by Larox Corporation
("Larox"), which are not in the ownership of Outotec or which Larox does not
own, as well as for the unused subscription rights relating to the 1994 bonus
issue by Larox (the "Subscription Rights")(the "Tender Offer") expired on
January 22, 2010.
According to the final result of the Tender Offer, the shares tendered in the
Tender Offer, together with the Larox shares already owned by Outotec, represent
approximately 98.5% of all the Larox shares and approximately 99.7% of all the
votes attached to the Larox shares. All the remaining Larox series A shares have
been tendered in the Tender Offer.
According to the final result of the Tender Offer, 28 Subscription Rights, which
entitle to subscribe for a total of 30 Larox shares, have been tendered in the
Tender Offer. Using these Subscription Rights for the subscription of Larox
shares does not affect the above percentages.
The offer consideration will be paid to the shareholders and Subscription Right
holders who have validly accepted the Tender Offer on or about February 2, 2010
in accordance with the terms and conditions of the Tender Offer.
The Board of Directors of Outotec will on January 28, 2010 by virtue of the
authorization given to the Board of Directors by the Annual General Meeting held
on March 18, 2009, decide on the directed share issue required for the payment
of the consideration in accordance with the terms and conditions of the Tender
Offer to the Larox shareholders who have accepted the Tender Offer against share
consideration. In the directed share issue a maximum of 1,016,954 new Outotec
shares will be offered for subscription in accordance with the exchange ratio
under the terms and conditions of the Tender Offer. The completion of the Tender
Offer will enable the combination of the businesses of Outotec and Larox, and
there are thus weighty financial reasons to deviate from the pre-emptive
subscription right of shareholders.
The new Outotec shares will be registered with the Trade Register and admitted
to public trading on NASDAQ OMX Helsinki Ltd on or about February 2, 2010.
Outotec's intention is to ac quire all the Larox shares. Since Outotec's
ownership in Larox will, as a consequence of the completion of the Tender Offer,
exceed nine-tenths (9/10) of all the Larox shares and votes attached to the
shares, Outotec will initiate compulsory acquisition proceedings for the
remaining Larox shares under the Finnish Companies Act immediately after the
completion of the Tender Offer.
Outotec may also purchase Larox series B shares in public trading on NASDAQ OMX
Helsinki or otherwise at a price not exceeding the offer price for the series B
shares, which is EUR 9.56 in cash (or alternatively 0.40 Outotec shares) for
each share. Outotec may also purchase Subscription Rights at a price which does
not exceed the Subscription Right offer price, which is EUR 11.47 in cash for
each Subscription Right.
Outotec Oyj
Board of Directors
For further information, please contact:
OUTOTEC OYJ
Pertti Korhonen, CEO, tel. +358 20 529 211
Vesa-Pekka Takala, CFO, tel. +358 20 529 211, +358 40 570 0074
Rita Uotila, VP - Investor Relations, tel. +358 20 529 2003, +358 400 954 141
Eila Paatela, VP - Corporate Communications, tel. +358 20 529 2004, +358 400 817
198
e-mails: firstname.lastname@outotec.com
DISTRIBUTION
NASDAQ OMX Helsinki
Main media
www.outotec.com
________________________________________
Outotec is a worldwide technology leader providing innovative and
environmentally sound plants, processes, equipment and services for a wide
variety of customers in minerals and metals processing as well as related
process industries. Outotec Oyj is listed on the Nasdaq OMX Helsinki.
www.outotec.com
http://www.outotec.com