Update on intended public offer by Torqx for Beter Bed Holding
04 August 2023 - 3:00PM
Update on intended public offer by Torqx for Beter Bed Holding
UPDATE - JOINT PRESS RELEASE
This is a joint press release by Beter Bed
Holding N.V. ("Beter Bed Holding" or the
"Company") and 959 B.V. (the
"Offeror"), a company controlled by Torqx Capital
Partners B.V. ("Torqx"). This joint press release
is issued pursuant to the provisions of Section 7, paragraph 1 sub
a of the Dutch Decree on public takeover bids (Besluit openbare
biedingen Wft) (the "Decree") in connection with
the intended recommended public offer by the Offeror for all the
issued and outstanding shares in the capital of the Company (the
"Offer"). This press release does not constitute
an offer, or any solicitation of any offer, to buy or subscribe for
any securities in the Company. Any offer will be made only by means
of an offer memorandum ("Offer Memorandum")
approved by the Dutch Authority for the Financial Markets
(Autoriteit Financiële Markten, the "AFM"). This
press release is not for release, publication or distribution, in
whole or in part, in or into, directly or indirectly, in any
jurisdiction in which such release, publication or distribution
would be unlawful, including the United States.
Uden/Bussum, the Netherlands, 4 August
2023 – Reference is made to the joint press release issued
by Beter Bed Holding and Torqx on 10 July 2023 in respect of the
conditional agreement on a recommended all-cash public offer to be
made by the Offeror for all the issued and outstanding shares in
the capital of Beter Bed Holding (each a "Share")
at an offer price of EUR 6.10 per Share (cum dividend).
Pursuant to the provisions of Section 7,
paragraph 1 sub a of the Decree, which requires a public
announcement with a status update on an intended public offer
within four weeks after the offer is announced, Beter Bed Holding
and Torqx hereby provide this joint update on the Offer.
Beter Bed Holding and Torqx confirm that they
are making good progress on the preparations for the Offer. A
request for review and approval of the Offer Memorandum will be
filed with the AFM no later than the second half of September
2023.
Beter Bed Holding and Torqx confirm that the
competition clearance process with the Dutch Authority for
Consumers and Markets (Autoriteit Consument & Markt) is
ongoing. Beter Bed Holding and Torqx are closely co-operating to
obtain the competition clearance and expect that clearance will be
secured within the timetable of the Offer.
In compliance with the Dutch Works Councils Act
(Wet op de ondernemingsraden), the joint works council of Beter Bed
Holding’s group in the Netherlands has been requested to render its
advice on the intended decision of Beter Bed Holding’s management
board to recommend the Offer and support the transaction.
For the full PDF of the press release, please click on the link
under attachment.
Press photos can be downloaded here.
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