05.11.2009 – 07:07
GLV Reduces From 90% to 75% the Minimum Acceptance Threshold for Shares to be Tendered Into its Voluntary Takeover Bid for the Shares of Christ Water Technology
Montreal, November 5 (ots/PRNewswire)
GLV Inc. ("GLV"; ticker symbols GLV.A, GLV.B / TSX) announces an amendment to the conditions of its voluntary takeover bid (the "Offer"), launched on October 13, 2009, to acquire up to 100% of the shares of Christ Water Technology AG ("CWT"). Pursuant to this amendment, the minimum acceptance threshold for shares to be tendered into the Offer has been reduced from 90% to 75% of CWT's outstanding shares. The amendment to the required minimum threshold condition has been approved by the Austrian Takeover Commission.
GLV considers the offered price of (euro)3.35 per CWT share to be fair and reasonable considering the restructuring and market challenges faced by CWT. As communicated to the Austrian Takeover Commission, GLV's management hereby confirms that the offered price as well as the tender period will in no way be altered. CWT's shareholders have until November 17, 4:00 p.m. (Vienna time) to tender their shares into the Offer. After that date, the Offer will lapse if, notably, the 75% minimum tender threshold condition has not been met.
CWT's largest shareholder, WAB Privatstiftung, which holds approximately 27% of the shares of CWT, has already tendered its shares into the Offer, as of October 15, 2009. Additionally on October 23, 2009, the Management and Supervisory Boards of CWT issued a statement recommending that CWT's shareholders tender their shares into GLV's Offer.
About GLV Inc.
GLV is a leading global provider of technological solutions used in water treatment, recycling and purification, as well as in pulp and paper production. The Water Treatment Group (also known worldwide as "Eimco Water Technologies") specializes in the design and international marketing of solutions and high-performance, economical and eco-friendly processes for the treatment and recycling of municipal and industrial wastewater and water used in various industrial processes. It also offers water intake screening solutions for power stations, refineries and desalination plants. With its extensive technological portfolio, the group is positioned to provide comprehensive solutions for the filtration, clarification, treatment and purification of water that will either be returned into the environment, or be re-used in various industrial processes or for domestic purposes. The Pulp and Paper Group specializes in the design and global marketing of equipment and systems used in various stages of pulp and paper production, notably chemical pulping, pulp preparation and sheet formation and finishing. This group ranks among the foremost players in its industry and is a recognized leader in rebuilding, upgrading and optimization services for existing equipment, as well as the sale of spare parts. It also stands apart for the superior performance of several of its key products and technologies, notably in terms of energy savings. GLV is present in some 30 countries and has approximately 1,500 employees.
Marc Barbeau, CA, Executive Vice-President and Chief Financial
Officer, +1-514-284-2224, courrier(at)glv.com; www.glv.com