Hagemeyer and Rexel have agreed to exclusive negotiations regarding a recommended offer or Hagemeyer of €4.85 per share
Hagemeyer and Rexel have agreed to exclusive negotiations aimed at finalizing an agreement under which Rexel would make an all cash offer of EUR 4.85 per Hagemeyer share (cum dividend) and Hagemeyer’s Management and Supervisory Boards would recommend this revised proposed offer.
As part of the envisaged transaction Rexel has entered into an agreement with Sonepar to sell certain activities of Hagemeyer to Sonepar, following successful completion of the proposed offer. Rexel’s revised proposed offer is subject to certain pre-conditions, including high level due diligence and finalization of a merger protocol. Due diligence is expected to commence on Wednesday 14 November 2007.