At its meeting today the Supervisory Board of MAN Roland Druckmaschinen AG decided to recommend the take-over of the company´s free-floating stock at the annual general meeting, as planned and already announced by the majority stockholder MAN AG in February. The cash compensation for the minority stockholders should amount to EUR 31.79 per share, based on the stock price average of the preceding three months before the squeeze out announcement on February 5, 2003.
The squeeze out permits majority stockholders to take over shares from minority owners against payment of cash compensation, but is premised on the condition of Arts. 327a et seq. German Stock Corporation Act (“AktG”) that the majority stockholder already owns 95% or more of the total stock. MAN AG currently owns 98.6% of MAN Roland stock, the remaining 1.4% (174,640 shares) being free-float. Once the squeeze out procedure has been completed, MAN AG will hold 100% of MAN Roland stock.
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