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Please find below all Forbo media releases listed by year.
Eglisau / Zurich, December 6, 2004
The Board of Directors of Forbo announces that Michael Pieper has decided to step down from his directorship at Forbo Holding with immediate effect. His resignation is solely made for good corporate governance reasons because he possibly wishes to further invest in Forbo within the framework of the capital increase. Pieper has been holding personally and via his Franke Holding AG a consolidated share of slightly less than five percent of Forbo for several years.
Michael Pieper explains his resignation from the Board of Directors with his possible intention to increase his investment in Forbo from its current level of approx. 5 percent. As a member of the Board, he is, however, subject to Forbo’s insider trading regulations. As Pieper states in his letter of resignation to the Board, he regards his investment as long-term, strategic and not speculative; he further remains bound by the lock-up agreement he signed in connection with the capital increase. Michael Pieper places great emphasis on stating that his intentions are a sign of trust in the potential and the future of the organization and that he does not wish to place any hurdles in the way of any interested party with an industrial strategy, but would indeed support it.
In this connection, Forbo announces that Mr. Pieper was never directly involved in the negotiations with CVC Capital Partners (CVC) or other parties interested in the possibility of a takeover. Forbo also announces that CVC, together with its advisors, has begun the due diligence process. Forbo has, in the meantime, received further serious enquiries from various interested parties with a financial or industrial background. All those interested parties have put together their own advisory teams. Preliminary price indications of those interested parties are at the same level as, or slightly higher than the offer from CVC. The process with the other interested parties will be continued as already communicated.
Forbo regrets the resignation of Michael Pieper and thanks him for his significant contribution as a member of the Board and his support of Forbo.
Forbo combines leading producers and suppliers of adhesives, belting and flooring under a single holding. The products and services are anchored and recognized worldwide. In the adhesives business, high-performance products ensure stable and permanent bonds between a wide range of materials. In the belting business, applications are developed and distributed under the "Siegling" brand for transport, processes and drives. In the flooring business, the company focuses on environmentally favorable and design-oriented linoleum and high-quality cushion vinyls.
Prof. Dr. Rolf Watter
Head of Corporate Communications
Tel: + 41 1 868 25 69
Fax: + 41 1 868 35 69