After SAPARDIS S.A., a subsidiary of PPR S.A., made its offer last week to acquire the remaining shares of PUMA AG for 330.00 per share, the industry was left waiting to hear PUMA's position on the offer. Early Thursday, the Board of Management and the Supervisory Board of PUMA AG announced that they “consider the Offer Price to be fair,” effectively recommending PUMA Shareholders accept the offer.
PUMA noted that its decision was based on several factors including that the Offer Price significantly exceeds the weighted average trading price of the PUMA Share during the last three months prior to the publication of the decision to launch a voluntary takeover offer in the amount of 281.04; that by combining the businesses of PUMA AG and PPR Group, the market position of PUMA AG as “leading enterprise in the sportlifestyle sector is strengthened in the long term” and a platform for the further worldwide development of the company and the implementation of its business strategy is created; and that SAPARDIS S.A. has declared that PPR does not plan any staff reduction at PUMA AG as a consequence of its acquisition of control over the company and that PPR does not intend to make any material changes to the terms and conditions of employment of PUMA AG and the current employee representation and employee structure at PUMA AG.
