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DGAP-Adhoc: PNE AG: PNE AG signs investment agreement and supports voluntary public takeover offer by MSIP

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DGAP-Ad-hoc: PNE AG / Key word(s): Offer
PNE AG: PNE AG signs investment agreement and supports voluntary public
takeover offer by MSIP

10-Oct-2019 / 08:43 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*PNE AG: PNE AG signs investment agreement and supports voluntary public
takeover offer by MSIP*
Cuxhaven, 10 October 2019. Following extensive negotiations, the managing
board of PNE AG with the approval of the supervisory board signed today an
investment agreement with Photon Management GmbH ("Bidder"), an indirect
wholly-owned subsidiary of funds managed and advised by Morgan Stanley
Infrastructure Inc. and part of Morgan Stanley's global private
infrastructure investment platform, Morgan Stanley Infrastructure Partners
("MSIP"), according to which the Bidder announces today its intention to
make a public takeover offer at a price of EUR 4.00 per PNE share in cash.
At the same time, PNE AG waived the existing standstill agreement entered
into with MSIP, which so far prohibited MSIP from acquiring any PNE shares
without PNE AG's prior consent. The investment agreement contains the terms
and conditions of the Bidder's strategic investment in PNE AG including
commitments regarding the continuity of the workforce and material business
units as well as for its strong support of the business strategy, in
particular with respect to financing.
The offer price communicated by the Bidder to PNE AG corresponds to an
approximate 31 percent premium in relation to the unaffected share price on
26 August 2019 and an approximate 21 percent premium on the volume-weighted
average share price over the past three months. The Bidder's offer values
PNE AG with an equity value of approximately EUR 300 million. The offer will
provide for a minimum acceptance threshold of 50 percent plus one share and
further customary offer conditions. The acceptance threshold does not
include the treasury shares of PNE AG.
Following the settlement of the offer and subject to the acquisition of more
than 50 percent of the voting rights, it is intended to pursue the
withdrawal of admission for trading of the PNE shares from the regulated
market in accordance with the rules of the German Securities Acquisition and
Transfer Act (WpÜG) and the German Stock Exchange Act (Börsengesetz,
Following a thorough review of the transaction offer, managing board and
supervisory board of PNE AG have come to the conclusion that it would be in
the best interest of the company and in the interest of the shareholders and
other stakeholders of PNE AG to support the Bidder's offer.
Pursuant to the provisions of the WpÜG, the offer document will be
released at a later time by the Bidder, following approval by the German
Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht, BaFin). The management board and the
supervisory board will, following its publication, thoroughly review the
offer document and issue a reasoned opinion pursuant to Section 27 of the
WpÜG. From today's perspective, PNE AG's management board and
supervisory board assume that they both will recommend to the shareholders
to accept the offer.


Rainer Heinsohn
Head of Corporate Communication
Tel: +49(0) 47 21 - 7 18 - 453
Fax: +49(0) 47 21 - 7 18 - 373
E-mail: Rainer.Heinsohn@pne-ag.com

Head of Investor Relations
Christopher Rodler
Tel: +49(0) 40 - 879 33 114
Fax: +49(0) 47 21 - 7 18 - 373
E-mail: Christopher.Rodler@pne-ag.com

10-Oct-2019 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: PNE AG
Peter-Henlein-Straße 2-4
27472 Cuxhaven
Phone: 04721 / 718 - 06
Fax: 04721 / 718 - 200
E-mail: info@pne-ag.com
Internet: http://www.pne-ag.com
ISIN: DE000A0JBPG2, DE000A2LQ3M9, , DE000A12UMG0,
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
EQS News ID: 888177

End of Announcement DGAP News Service

888177 10-Oct-2019 CET/CEST

(END) Dow Jones Newswires

October 10, 2019 02:43 ET ( 06:43 GMT)

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