BCP Crystal Acquisition GmbH & Co. KG Announces Reduction of Minimum Acceptance Condition and Extension of Acceptance Period for Celanese AG Takeover Offer.Business Editors STUTTGART, Germany--(BUSINESS WIRE)--March 12, 2004 BCP BCP Best Current Practice(s) BCP Business Continuity Planning BCP Business Continuity Plan BCP Book of Common Prayer BCP Banco Comercial Português BCP Bureau of Consumer Protection (US Federal Trade Commission) Crystal Acquisition GmbH & Co. KG (the "Bidder") today announced that it has reduced the minimum acceptance condition applicable to its voluntary public takeover offer for all outstanding registered ordinary shares with no par value of Celanese AG, Kronberg im Taunus (the "Celanese Shares") at an offer price of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 32.50 per share in cash, without interest. Under the terms of the amended offer, at least 75% of the Celanese shares outstanding at the end of the acceptance period, excluding treasury shares (i.e., those Celanese Shares held by Celanese AG, an entity controlled or majority-owned by Celanese AG or a third party acting on behalf of Celanese AG) must be validly tendered and not withdrawn at the end of the acceptance period. Previously, this threshold had been 85%. The Bidder also announced that, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with applicable law, the acceptance period for the offer and the time period to exercise withdrawal rights has been extended until Monday, March 29, 2004 (24:00H Central European Time Central European Time Noun the standard time adopted by Western European countries one hour ahead of Greenwich Mean Time, corresponding to British Summer Time Abbrev: (CET) , 6:00 p.m. New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time). The offer was previously scheduled to expire on Monday, March 15, 2004 (24:00H Central European Time, 6:00 p.m. New York City time). If all conditions to the offer are satisfied at the end of the acceptance period, the Bidder currently expects that this publication of results would occur on or about April 3, 2004, and therefore the subsequent acceptance period would commence on April 4, 2004 and end on April 19, 2004 at 24.00h Central European Time/6:00 p.m. New York City time. The acceptance period (and the time period to exercise withdrawal rights) may only be extended again under certain limited circumstances and pursuant to certain procedures described in the amendment to the offer. However, the Bidder may not make any further amendment to the offer and no such extension may occur as a result of actions by the Bidder. The Bidder has been notified that the Czech Competition Office has cleared the Bidder's proposed acquisition of Celanese AG. Clearance by the Czech Competition Office was one of the necessary conditions for the Bidder to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. its tender offer for Celanese AG. The Bidder has previously been granted early termination of the waiting period under the Hart-Scott-Rodino Act Hart-Scott-Rodino Act Often used in risk arbitrage. Antitrust act administered by U.S. Department of Justice and the FTC that requires an investor to file a form with the government before he acquires an economic interest in the lesser amount of $15 million or 15% of the and has previously received an Advance Ruling Certificate in Canada and required clearances from the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community and the Vermont insurance regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. still remains subject to certain other conditions, including the revised minimum acceptance condition. Based on the latest count of tendered shares as of March 11, 2004, approximately 20,209,165 registered ordinary shares of Celanese AG have been tendered and not withdrawn pursuant to the offer, representing approximately 36.89% of the outstanding Celanese shares and approximately 40.97% of the outstanding Celanese shares, excluding treasury shares. The German version of the amendment to the offer will, in accordance with section 21(2) in conjunction with section 14(3) of the German Securities Acquisition and Takeover Act, be published on the internet at the web site http://www.tbg-cag.de and on March 13, 2004, in the Borsen-Zeitung. The English version of the amendment to the offer will be included as an Amendment to the Tender Offer Statement on Schedule TO filed by the Bidder and certain other entities with the U.S. Securities and Exchange Commission in connection with the offer and, when filed, will be available at the SEC's web site, http://www.sec.gov, as well as at the web site http://www.tbg-cag.de. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion