At the end of the voluntary public tender offer for Joyou AG, GROHE, the world’s leading premiumbrand for sanitary fittings, has attained a total of 56.2% of voting rights and 34.7% of the share capital in Joyou. GROHE’s share of Joyou increased by a further 3.6% during the additional, final acceptance period.
In connection with the voluntary public tender offer for Joyou AG, 12.3% of shares in Joyou were tendered to GROHE up to the end of the first acceptance period on May 9, 2011 and another 3.6% up to the end of the additional acceptance period on May 26,
2011. In addition, independently of the tender offer, GROHE holds 40.3% of voting rights and 18.8% of shares in Joyou. The share of voting rights in Joyou increased by 20% to 40.3% on May 18, 2011 due to a power of attorney granted by Joyou founder JiansheCai.
All conditions of the tender offer are fulfilled, including the obtaining of Chinese regulatory approval. GROHE expects settlement of the offer process to be completed by June.
GROHE CEO David Haines: “We are pleased that the capital market recognized the strategic logic of our tender offer. Together with the Cai family who founded Joyou, we will now quickly push ahead to build the cooperation with Joyou under the roof of ourfuture joint venture, Grohe Asia AG.”
The planned joint venture, Grohe Asia AG, is to be headed by Joyou Group CEO JiansheCai. GROHE will have a 50.01% stake in the joint venture. Further information on the public tender offer is available at http://www.grohe-offer.com. Additional press material can also be accessed on the website.