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Xaar receives possible purchase offer from Danaher

Wednesday, November 15, 2006

Press release from the issuing company

Nov 14, 2006 -- Xaar plc has received an unsolicited approach from Danaher Inc. in relation to a possible offer for the Company at between 200 – 220 pence per share in cash. After consideration, the Board rejected this approach. Whilst an offer on these terms would represent a premium of between 38.5 – 58.5 pence to the closing share price of 161.5 pence on 13 November 2006, more relevantly it would represent a discount of between 118 - 138 pence to the 12 month share price high of 338 pence. The Board views the timing of this approach as opportunistic. It continues to be confident in the longer-term prospects of the Company in a rapidly growing market, as well as in the strategic value of its digital ink-jet technology. Accordingly, the Board advises shareholders to take no further action at this time. This announcement is made without Danaher's consent. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made. Xaar is being advised by Panmure Gordon in relation to this matter. Further announcements will be made as and when appropriate.

 

 

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