Hengeler Mueller has announced that it has advised Aalberts Industries on its announced intention to make a voluntary public offer of approximately EUR 119 for all outstanding shares to the shareholders of Impreglon SE.
This results in a premium of more than 21% compared to the closing price of EUR 11.55 of the Impreglon share on the XETRA stock exchange on July 7, 2014. The offer price is around 57% higher than the closing share price on December 31, 2013 (which was EUR 8.93). The major shareholders of Impregion agreed on July 7, 2014, to participate in the public offer.
Impreglon, with head office based in Luneburg, Germany, was founded in 1983 and has been listed on the stock market since 2006. Impreglon is expecting annual revenue of approximately EUR 140 million in 2014 and is active worldwide in surface treatment via 31 owned production locations and 4 franchise operations in 15 countries in Europe, Eastern Europe, North America and Asia. Impreglon is mainly active in the market segments of machine building, repair and revision after sales markets, and to some extent in automotive. The high grade technologies used by Impreglon for surface treatment are almost completely supplemental to Aalberts Industries. Impreglon has a strong position in especially surface treatments combined with polymer which improves the resistance to wear and the sliding characteristics of components. The company also excels in thermal spray technologies, a high grade service market for the performance of partial surface treatments.
Aalberts Industries is mainly active in surface treatment with 26 production locations in Europe, Eastern Europe, and China.
Henning Claassen, the founder and CEO of Impreglon, said of the offer that: “The high growth potential in the market for surface treatment can be realised much better through cooperation with Aalberts Industries, which has the ability to invest in further growth of Impreglon. Also Impreglon will have a good solid perspective looking to the future when I will retire from my activities. Due to these reasons I fully support the offer of Aalberts Industries, utilising the complementary surface technologies and market positions of both companies. Impreglon and Aalberts Industries have a comparable entrepreneurial culture and lead their operational companies in the same decentralised way where (local) entrepreneurship is important. Aalberts Industries is for Impreglon’s future the ideal strategic partner. The Board acknowledges that the offer of EUR 14.00 per share and EUR 132.33 per convertible bond is a substantial premium relating to the existing share price and levels in the past”.
The Hengeler Mueller team is led by Partners Matthias Hentzen and Bernd Wirbel and includes Associates Matthias Cloppenburg and Frederik Gartner.
