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Press Release: SIKA MANAGEMENT GAINS FURTHER SUPPORT - FORMER BOARD MEMBERS OPPOSE TAKEOVER PLANS
(MORE TO FOLLOW) Dow Jones Newswires
February 16, 2015 12:35 ET (17:35 GMT)- - 12 35 PM EST 02-16-15
-2 of 2- 16 Feb 2015 17:35:00 UTC Press Release: SIKA MANAGEMENT GAINS FURTHER SUPPORT - FORMER BOARD MEMBERS OPPOSE TAKEOVER PLANS
Sika AG / SIKA MANAGEMENT GAINS FURTHER SUPPORT - FORMER BOARD MEMBERS OPPOSE TAKEOVER PLANS . Processed and transmitted by Nasdaq OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.
Sika shareholders' resistance to the planned takeover by Saint-Gobain continues to grow.
In a communiqué dated February 16, a group led by Walter Grüebler, former Chairman of the Board of Directors, explicitly expresses its support for the course adopted by Sika's Board of Directors and management. The group holds 25,000 shares, equivalent to about one percent of Sika's capital. In addition to Walter Grüebler, the group includes former Board members Hans Peter Ming, Thomas Bechtler, Robert Fechtig, Urs B. Rinderknecht, Toni Rusch, Fritz Studer and Georg Stucky, as well as former Sika employees and well-known members of the Swiss business community.
"This transaction jeopardizes the culture of a large Swiss family-owned company that has evolved over the decades and destroys value for Sika shareholders. The resistance being shown by the Board of Directors and management is justified," says the support group's communiqué.
Sika Management regards this fresh support as further corroboration of its course of defending the interests of all stakeholders, which are at acute risk as a result of Saint-Gobain's hostile takeover bid. This is because Saint-Gobain wants to assume full control of the company with only 16 percent of the share capital, thus creating huge conflicts of interest which endanger the superior business model and successful growth strategy of Sika.
DATE February 16, 2015 CONTACT Dominik Slappnig Corporate Communications & SIKA AG Zugerstrasse 50 Investor Relations 6341 Baar, Switzerland TELEPHONE +41 58 436 68 21 www.sika.com E-MAIL slappnig.dominik@ch.sika.com
SIKA CORPORATE PROFILE
Sika is a specialty chemicals company with a leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing and protecting in the building sector and the motor vehicle industry. Sika has subsidiaries in 90 countries around the world and manufactures in over 160 factories. Its approximately 17,000 employees generated annual sales of CHF 5.6 billion in 2014.
The media release can be downloaded from the following link:
Media Release: http://hugin.info/100359/R/1894881/671891.pdf
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sika AG via Globenewswire
HUG#1894881
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Sika AG
Zugerstrasse 50 Baar
WKN: 858573;ISIN: CH0000587979;
http://www.sika.com (END) Dow Jones Newswires
February 16, 2015 12:35 ET (17:35 GMT)- - 12 35 PM EST 02-16-15
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