ECJ EUROPEAN Cleaning Journal

The board of directors at Denmark-based cleaning equipment producer Nilfisk has announced today that it has unanimously decided to recommend the intended voluntary all-cash public offer by the German industrial group Freudenberg - owner of Vileda Professional - for all shares in the business. The deal is worth €508 million.

Peter Nilsson, Nilfisk's chair of the board of directors commented: "Today, Nilfisk informs its shareholders of a planned all-cash offer of 140 DKK per share from Freudenberg. The offer is the outcome of a strategic review process initiated following an unsolicited approach to the company.

"The Board, with guidance from its external advisors, has conducted a careful and comprehensive evaluation. Freudenberg has consistently presented itself as a credible and strong prospective owner. Based on its overall assessment, including an independent fairness opinion, the Board intends to recommend that shareholders accept the offer. The Board considers the proposed transaction to offer attractive value and give Nilfisk a strong foundation for the future."

The Board of directors, Nilfisk's executive management team and major shareholders (KIRKBI Invest A/S, Ferd AS and PrimeStone Capital LLP) - representing 50.9 per cent of the share capital in Nilfisk - have irrevocably committed to accepting the offer subject to certain conditions. The offer price is 140 DKK per share, which reflects a 35.9 per cent premium to the closing share price on the day prior to the announcement.