TAKKT AG — M&A Activity 2005

Nov 4, 2005

News Details

Ad-hoc | 4 November 2005 12:51

TAKKT AG: Sup. Board approves purchase of leading mail order company in the US

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— Supervisory Board approves purchase of leading office furniture mail order company in the USA. TAKKT AG is going to strengthen its presence in the North American market for office equipment. The Stuttgart-based group plans to buy the leading office furniture mail order company in the USA. On 28 September 2005 K + K America Corporation, a company of TAKKT AG, has signed a non binding letter of intent on the acquisition of the target’s business. The project needs the approval of TAKKT’s supervisory board. In its meeting on 4 November 2005 the supervisory board has decided to approve the project in advance. TAKKT’s Management Board expects the contract to be completed within 14 days at the latest. The purchase price will be between 80 and 100 million USD. TAKKT is able to fund the take over with existing credit lines. The company to be acquired employs about 120 members of staff and generates an annual turnover in excess of USD 100 million. It is the mail order market leader for office furniture in the USA. This acquisition will add five further brands to TAKKT’s portfolio. The majority of customers stem from the service- sector which is showing above average growth. In future TAKKT will be less dependent on the manufacturing sector. For further details see also the additional information we have issued parallelly with this ad-hoc disclosure on our home page (www.takkt.de). TAKKT AG Presselstr. 12 70191 Stuttgart Deutschland ISIN: DE0007446007 (SDAX) WKN: 744600 Listed: Amtlicher Markt in Frankfurt (Prime Standard) und Stuttgart; Freiverkehr in Berlin-Bremen, Düsseldorf und München End of ad hoc announcement (c)DGAP 04.11.2005