Bong Withdraws from Stronghold Take-Over and Cancels Plans for Rights Issue.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--March 20, 2001 In view of the information and press releases published earlier this year concerning the letter of intent and planned rights issue (January 24 2001), Bong wishes to provide the following information: On January 24, 2001, Bong signed a letter of intent to acquire the Stronghold Group, Holland's leading envelope company. The acquisition was conditional on customary due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. proceedings being satisfactorily completed, and the take-over agreement was expected to be signed around the end of March 2001. Assuming completion of the Stronghold acquisition and with the object of maintaining a high degree of financial flexibility after completion of the acquisition, the Board of Bong Ljungdahl decided on February 28 to propose that an Extraordinary General Meeting be held to approve the rights issue. As the negotiations could not be brought to a conclusion on terms mutually acceptable, the parties have decided not to go ahead with the transaction. As the object of the rights issue was to finance the planned acquisition, the Board herewith here·with adv. 1. Along with this. 2. By this means; hereby. herewith Adverb Formal together with this: withdraws its issue decision of February 28 and the notice convening con·vene v. con·vened, con·ven·ing, con·venes v.intr. To come together usually for an official or public purpose; assemble formally. v.tr. 1. the Extraordinary General Meeting on March 28. Bong's acquisition-based growth strategy remains firm. The company's vision for the next few years is to strengthen Bong's position of leadership on the European envelope market, and to raise its market share to above 30 per cent, which corresponds to annual sales of some SEK SEK In currencies, this is the abbreviation for the Swedish Krona. 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. 5-6 billion. With this in mind, Bong is currently evaluating a number of other acquisition prospects. Kristianstad in March, 2001 Bong Ljungdahl AB (publ.) Board Bong is a fast expanding international envelope company. The Group has an annual turnover of some MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm) MSEK Million Swedish Kroner 2,500 and around 1,900 employees. It has an annual production of some 16 billion envelopes at factories in Sweden, Denmark, Norway, Finland, Germany, Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , Ireland, Belgium, Poland and Estonia. In recent years, Bong has played an active part in the current process of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). in the European envelope industry and sees significant potential for further expansion and development. Bong is a public company and its shares are listed on the OM Stockholm Stock Exchange's Attract 40 list. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.bit.se/bitonline/2001/03/20/20010320BIT01250/bit0001.doc http://www.bit.se/bitonline/2001/03/20/20010320BIT01250/bit0001.pdf |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion