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Implenia AG

euro adhoc: Implenia AG
Strategic management decisions
Implenia rejects Laxey´s takeover offer

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
05.12.2007
Laxey´s offer disadvantages other shareholders and damages the 
company
Dietlikon, 5 December, 2007 - The Board of Directors of Swiss 
construction services company Implenia announced in a report 
published today that it has decided unanimously to reject the 
takeover offer made by UK finance company Laxey Partners. This offer 
is in the interests of neither the shareholders nor the company 
itself. The Board of Directors recommends, therefore, that all 
shareholders ignore the offer and refuse to make their shares 
available to Laxey.
The Board is convinced that its own strategy will generate 
considerably more value for shareholders in the medium and long term 
than Laxey is offering. Once the British finance company Laxey 
Partners crossed the threshold of 33?% of Implenia´s capital, it made
a takeover offer to Implenia´s shareholders on 5 November 2007 of CHF
33.23 per share. This is clearly just a ruse, since the price offered
was 8% below the market price at the time the offer was made, and 
even Laxey itself has implied that it does not expect to buy any 
shares at this price.
Laxey´s conduct in recent months has repeatedly demonstrated that its
sole aim is to increase its shareholding and then sell this enlarged 
stake on at a premium. Other shareholders stand to lose out because 
they would be excluded from such a premium.
The Board of Directors believes that accepting Laxey´s offer would do
considerable damage to Implenia´s integrated business model, which 
encompasses all the steps from initial purchase of a plot, to 
construction, to subsequent maintenance of the buildings. Because of 
the "Lex Koller" law, Implenia can only engage in the property 
development business if it is a Swiss-controlled company. If Implenia
were to become foreign-controlled, it would have to drop important 
parts of its business which in the past have generated 15-20% of 
EBIT. This would have the effect of destroying shareholder value.
The Board is convinced that the current strategy of pursuing an 
integrated business model promises a bright future for shareholders, 
employees and clients. It firmly believes that in the medium and long
term Implenia´s share price will be much more attractive than the 
price offered by Laxey.
end of announcement                               euro adhoc 05.12.2007 06:55:00

Further inquiry note:

Hirzel.Neef.Schmid.Konsulenten
Aloys Hirzel
Tel. +41 43 344 42 42

Branche: Building materials
ISIN: CH0023868554
WKN: 2386855
Index: SPI, SSCI, SPIEX
Börsen: SWX Swiss Exchange / official market

Plus de actualités: Implenia AG
Plus de actualités: Implenia AG