The Board of Management of PUMA AG welcomes the acquisition by the French luxury goods company Pinault-Printemps-Redoute (PPR) of the stake of Mayfair “Beteiligungsfondsgesellschaft” in PUMA as well as the intended voluntary public take-over offer by PPR to PUMA shareholders.
Jochen Zeitz, CEO and Chairman, PUMA AG: “The PUMA Board of Management is convinced that PPR, as one of the worlds top fashion and retail companies will be the perfect partner for PUMA, one of the worlds leading Sportlifestyle companies. Both companies have a European background and ideally complement each other with regard to their global perspective. With the support of PPR, we plan to strengthen our position as the leading company in the Sportlifestyle market with a continued focus on long-term sustainable growth.
The PUMA Board of Management said it unanimously believes that PPRs engagement is in the best interests of the company and that the announced offer price per share of EUR 330 for the voluntary public take-over offer is fair. Based on a preliminary fairness opinion issued by Lehman Brothers and subject to review of the offer document, the Board of Management will recommend the offer to the PUMA Shareholders.
In a “Letter of Intent” to the PUMA Board of Management, PPR emphasized its strong interest in PUMA and assured its solid confidence in the company as well as its full support regarding the implementation of the Phase IV goals of PUMAs long-term development plan.
Francois-Henri Pinault, CEO and Chairman of PPR: “PUMA is one of the leading Sportlifestyle companies in the world. The successful expansion strategy as well as the long-term growth potential of PUMA complement the PPR portfolio perfectly. We guarantee PUMAs continuity as an autonomous company within the PPR Group and we will support the management with our resources and our know-how in strengthening PUMAs unique brand positioning.
In the context of the planned transaction there will be no changes with regard to staffing. Additionally, all PUMA locations including headquarter locations in Herzogenaurach, Hong Kong and Boston will retain their full independence.