Dexia Banque Internationale à Luxembourg (Dexia BIL) is announcing that it
has reached an agreement with the Dutch merchant bank Kempen & Co to make a
public offer on all outstanding ordinary shares of Kempen & Co. Kempen & Co's
Board of Management and Supervisory Board unanimously support the offer. The
offer price is 83.50 euros per share, payable in cash.
At the offer price, Kempen & Co is valued at 16 times its year 2000 net profit
and 4.75 times shareholders' equity at 31/12/2000. The premium amounts to +36%
on the 61.28-euro average market price over the last 40 business days preceding
22 May 2001, the day of the public announcement of the offer.
The timetable for the offer is as follows:
- Publication of offer document 20 June 2001
- Start offer period 21 June 2001
- Offer closing date (unless the offer is extended) 19 July 2001 (15:00 CET)
The offer document, containing all terms and conditions of the offer, will
be available at Dexia BIL, Labouchere and Kempen & Co.
For further information
- On Kempen & Co: www.kempen.nl
- On Dexia BIL and Dexia www.dexia.com
- On the transaction: Françoise Lefebvre tel.: (+33) 1 43 92 80 20
Guy Bertemes tel. : (+352) 4590 3879