PPR, through its subsidiary SAPARDIS, officially published the offer document for the friendly voluntary takeover offer to the outside shareholders of PUMA AG.
As already announced on April, 10, SAPARDIS is offering 330 in cash for each PUMA share. The offer price values PUMA at 5.3 billion equity value, implying a 24% premium on the undisturbed one-month weighted average share price as of April 3 (268.14), which was been the last day before the first takeover rumors surfaced, and a 17% premium on the weighted average domestic stock exchange price of PUMA shares during the last three months prior to the publication of the decision to launch the offer (281.04).
PPR already holds 27.1 % of the registered share capital of PUMA (4,333,185 shares) and offers to acquire all other PUMA shares in issue (approximately 72.9 % of all PUMA shares) at a price of 330 per PUMA share. The Acceptance Period ends on June 20, 2007. PPR anticipates to complete the offer process early July.
