Following the company’s extraordinary general meeting on February 2, in which it got approval from shareholders, Amsterdam, Netherlands-based Getronics said it will offer 350m euros ($455m) in cash to acquire Voorburg, Netherlands-based PinkRoccade.
The company plans to raise some 250m euros ($325m) to cover part of the transaction through a rights issue, for which it has already received loan commitments from a consortium of banks. It can issue up to 173.7 million shares, or approximately one third of its total equity, which could be as much as 307m euros ($399.1m) based on its current share price on February 3, 2005 of 1.77 euros ($2.3m).
Last week, rival bidder Ordina withdrew from the acquisition process, blaming a lack of information from PinkRoccade that would have enabled it to perform adequate due diligence.
Getronics plans to offer 14.3 euros in cash for each of the outstanding shares in PinkRoccade, valuing the offer at 350 euros ($469m). It will replace its previous cash-and-shares offer valued at 338m euros ($446m), of which approximately 100m euros ($132m) would have been in cash.
Ordina had offered a slightly higher cash amount of 370m euros ($481m) to acquire PinkRoccade before pulling out of the running.
