Rexel and Hagemeyer reach agreement on recommended all-cash offer of €4.85 per share for Hagemeyer
Rexel and Hagemeyer have reached agreement on a recommended cash offer of € 4.85 per share for all Hagemeyer shares and a simultaneous cash offer for Hagemeyer’s outstanding convertible bonds, valuing the company’s equity at approximately € 3.1 billion.
The Offer is unanimously recommended by the Management Board and Supervisory Board of Hagemeyer, and unanimously approved by the Boards of Rexel and Sonepar.
The Offer delivers to Hagemeyer shareholders a premium based on all relevant market metrics, including a 55% premium to Hagemeyer’s one-month average share price prior to the announcement of Sonepar’s intended offer on 9 October 2007.
Rexel has secured fully committed debt financing for the entirety of the all-cash offer.