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December 22, 2004

Getronics matches Ordina in bid for PinkRoccade

Getronics NV has upped the stakes in the bidding war to acquire PinkRoccade NV, with a $469 million cash offer that matches the one tabled by rival Ordina NV.

By CBR Staff Writer

In a statement, Amsterdam, Netherlands-based Getronics said it will offer the equivalent sum in an effort to, prevent a prolonged process in which clients and employees are faced with continued uncertainty, which is detrimental to the business.

Getronics will offer E14.30 in cash for each of the outstanding shares in PinkRoccade, valuing the offer at E350 million ($469 million). It will replace its previous cash-and-shares offer valued at E338 million ($446 million), of which approximately E100 million ($132 million) would have been in cash.

Getronics said that it will raise the additional E250 million ($335 million) in cash through a rights issue, and it had already received loan commitments from a consortium of banks. Getronics said that the offer would address, the preference of some shareholders of PinkRoccade for cash over consideration in shares as part of the offer.

An agreement in principle was reached with Getronics on November 1 on a takeover of the business, after PinkRoccade had received and rejected a higher offer for the business from Ordina some days earlier. However, the fact that Ordina was offering more money for the business has caused considerable disquiet among PinkRoccade’s shareholders. And recently, they forced its hand to re-open talks with the company.

Getronics’ decision to increase its offer for PinkRoccade backtracks on its recent announcement not to get drawn in to a bidding war with Ordina.

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