ITT Industries Launches Public Offer for WEDECO AG Water Technology
Following the signing of a definitive business combination agreement, ITT Industries, through ITT Industries German Holding GmbH, a fully-owned subsidiary of ITT Industries, Inc. launched its previously-announced public offer for the acquisition of WEDECO Aktiengesellschaft Water Technology under which WEDECO shareholders will receive €18 per WEDECO share in cash.
This offer price represents a 36% premium over the three-month average Xetra closing share price of €13.22 prior to the initial announcement on November 11, 2003.
Effective today WEDECO shareholders can tender their shares into the offer. The regular offer period is scheduled to expire at noon CET on January 16, 2004. The offer document is available on the internet at www.ittnewsanitaire.com.
The acquisition gives ITT a unique opportunity to further round out its water and wastewater treatment portfolio, offering a complete market leading line of pumps, water filtration and disinfection products, with strong positions in North America, Europe and Asia.