Airspray N.V., Rexam PLC and Rexam Plastics Nederland B.V. jointly announced that Rexam Plastics intends to make a recommended cash offer of €26.75 per ordinary share in Airspray, excluding the dividend of €0.75 per share that becomes payable for the financial year 2005.
The offer price represents a 21% premium over Airspray’s closing share price on 21 February 2006 (corrected for the dividend of €0.75 per share) and a 29% premium over Airspray’s average closing share price for the last three months.
The Supervisory Board and Management Board of Airspray fully support the intended offer, and a group of shareholders of Airspray who collectively own approximately 44% of the issued and outstanding ordinary share capital of Airspray have irrevocably committed to tender their shares in Airspray under the offer.
“We believe there is an excellent strategic fit between us and Rexam,” said Robert Brands, CEO, Airspray. “We are convinced that Rexam’s offer provides a very good opportunity for creating maximum value for all our stakeholders. The offer price represents an attractive return for our shareholders.
“The business has grown rapidly in recent years, and Rexam will provide a good platform, enabling us to pursue the next phase in our growth strategy.”
“Airspray is an innovative, high growth business based on patented technologies and know-how,” said Lars Emilson, chief executive, Rexam. “The acquisition is a further step in the expansion of our plastic packaging operations, and will broaden our dispensing systems product offering globally. We also see substantial synergies in marketing, purchasing and manufacturing, with longer term potential to develop new pump products and ranges.”