ALTANA's Management and Supervisory Boards recommend acceptance of SKion offer
The Management Board and Supervisory Board of ALTANA AG support the offer of SKion GmbH to acquire further shares of the company for a price of €13.00 per share and recommend that shareholders accept the offer. Both bodies of the company have examined the offer thoroughly, and, considering the overall circumstances of the offer, have evaluated the consideration, as submitted by the bidder, as appropriate. The Management and Supervisory Boards are of the opinion that the offer is in the interests of ALTANA, including the company's employees and its shareholders. The company points out, however, that it is up to each ALTANA shareholder to make their own decision based on their evaluation of the overall situation, their individual circumstances, and their individual assessment of the value and the future stock exchange price of ALTANA.
The Management and Supervisory Boards welcome the trust that SKion GmbH has expressed with regards to the business model of ALTANA, as well as the bidder's intention to further support the company's business model and its strategic goals. "From our point of view, a stable shareholder structure in the present economic environment is of strategic advantage for the long-term oriented specialty chemicals business of ALTANA," said Dr. Matthias L. Wolfgruber, CEO of ALTANA AG. "Therefore, Management and Supervisory Boards regard the prospects connected to an expansion of SKion's shareholding as advantageous."
ALTANA's shareholders will have to decide whether to accept the offer by December 19, 2008.
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