Merger Update

RNS Number : 4376T

RHI Magnesita N.V.

20 March 2019

 

RHI Magnesita N.V.

("RHI Magnesita" or the "Company")

Merger Update

RHI Magnesita is pleased to provide a further update on the Integrated Tender Offer ("ITO") to the minority shareholders of Magnesita Refratários S.A. ("Magnesita").

Further to the acceptances received at the previous close of the ITO on 10 February 2019, the Company announces that it has received additional valid acceptances of the ITO from holders of 651,406 Magnesita common shares, representing 2.6% of the Magnesita shares subject to the ITO and 1.3% of the total share capital of Magnesita.

As a result of these further acceptances, RHI Magnesita now holds 97.5% of the total share capital of Magnesita. Under the terms of the ITO, RHI Magnesita will issue 88,777 new ordinary shares of EUR 1 per share pursuant to its block listing application announced on 11 December 2018. The newly issued ordinary shares will rank pari passu with existing ordinary shares in issue.

Following the admission to trading of the new shares, the total number of RHI Magnesita ordinary shares issue will be 49,476,447.

In line with Brazilian statutory requirements, an extraordinary general meeting of Magnesita will be held on 25 March 2019 to approve the redemption of the outstanding Magnesita shares. If approved, those remaining Magnesita shareholders who have not yet participated in the ITO will have the right to do so, under the current terms, until 1 April 2019. Any Magnesita shareholders who have not accepted by this date will have their shares redeemed and receive the cash only consideration.

For further enquiries, please contact:

Guy Marks, Head of Investor Relations

Tel [phone]

E‐mail: [e-mail]

About RHI Magnesita

RHI Magnesita is the global leading supplier of high-grade refractory products, systems and solutions which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves more than 10,000 customers in nearly all countries around the world. The Company has broad geographic diversification with more than 14,000 employees in 35 main production sites and more than 70 sales offices. RHI Magnesita intends to use its global leadership position in terms of revenue, greater scale, complementary product portfolio and diversified geographic presence around the world to target opportunistically those countries and regions benefitting from more dynamic economic growth prospects. 

Its shares have a premium listing on the London Stock Exchange (symbol: RHIM) and are a constituent of the FTSE 250 index. For more information please visit: www.rhimagnesita.com

 

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