Ontex confirms rejection of unsolicited proposal from PAI Partners SAS
Aalst-Erembodegem (Belgium), July 6 2018 – Ontex Group NV (“Ontex” or, the “Company” / Euronext: Ontex) notes the recent press speculation and confirms that it received an unsolicited and non-binding proposal from PAI Partners SAS (“PAI”) relating to a possible cash offer for the outstanding shares in Ontex.
Having reviewed the proposal, the Ontex board of directors has unanimously rejected it on the basis that it significantly undervalued the Company. The Ontex board of directors confirms its full confidence in the strategy being executed by the management team to deliver long-term value for Ontex shareholders.
As disclosed in Ontex’s annual report, Ontex’s CEO, Mr. Charles Bouaziz, serves on the supervisory board of PAI. As a result the board has not involved Mr. Bouaziz in discussions about the merits of PAI’s proposal. He has also recused himself from his position at PAI for as long as is appropriate.
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