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03/28/1999
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| Alusuisse Lonza Group Ltd. Has been advised by Viag AG that it has received approval by its Supervisory Board to proceed with the merger with algroup on the basis of an allocation ov value to algroup shareholders equal to 32.5% of the combined value. |
Zürich, March 29, 1999 - Viag's position is based on a valuation carried out under HFA (Hauptfachausschuss des Instituts der Wirtschaftsprüfer in Deutschland e. V.) principles. Consistent with its previously expressed views, the Board of Directors of algroup believes that the exchange ratio agreed in the Business Combination Agreement (35% of the combined value to algroup shareholders) and supported by fairness opinions should be adhered to. As such, it has decided not to continue discussions with Viag on the merger using the proposed structure. Both groups continue to believe in the strategic value of the combination, and algroup regrets the technical obstacle preventing its execution. Notwithstanding these events, Alusuisse Lonza continues to be committed to the development of its strategy and the achievement of best in class status in each of its businesses consistent with its long-term objectives. The Board of Directors of algroup wishes to thank all of the employees who have been involved in this project to their extraordinary effort.
Corporate Communications
Dr. Christine Menz
t 01 386 24 95
f 01 386 24 90 |
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