Eder said it is not yet decided if a capital increase will be needed to part finance the acquisition. However, if a capital increase is carried out then only 10 pct of the cost will be raised and there will be no notable dilution of key shareholders.
Voestalpine said it has come to an agreement with the main shareholders of Boehler-Uddeholm to buy the company via a public offering of 69 eur a share and on the condition it gains ownership of more than 50 pct of Boehlers voting stock.
Eder said that while he could not rule out the irrationality of other bidders appearing on the scene with higher offers, voestalpine would not enter into a bidding war.
If all goes to plan and approval is granted, the takeover should be completed by May 20, Boehler CEO and ex-voestalpine board member Claus Raidl said at a press conference earlier.
Todays announcement comes after Boehler rejected a bid from European private equity company CVC late yesterday evening, on the grounds a takeover would not result in a sustained shareholder structure and would not be in Boehler-Uddeholm's interests, Boehler had said in a release. firstname.lastname@example.org ff/rfw COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited