Christ Water Technology's Management and Supervisory Boards Support GLV's Voluntary Takeover Bid
Montreal (ots/PRNewswire)
Management of GLV Inc.
("GLV"; ticker symbols GLV.A, GLV.B / TSX) is pleased to announce
that the Management and Supervisory Boards of Christ Water Technology
AG ("CWT"; ticker symbol CWT / Vienna Stock Exchange) have issued a
statement recommending that CWT's shareholders accept GLV's voluntary
takeover bid (the "Offer"), effective since October 13, to purchase
up to 100% of CWT shares for a cash consideration of EUR3.35 per
share. As indicated in their statement, the Management and
Supervisory Boards of CWT are of the opinion that the offered price
is appropriate and fair and that the Offer fairly takes into
consideration the interests of the shareholders, employees, and
creditors, as well as the public interest.The completion of the Offer is subject to having a minimum of 90% of CWT's shares tendered into the Offer, and to certain other conditions. GLV's management aims to close the transaction in November 2009.
The support statement issued by CWT's Management and Supervisory Boards and the Offer document are available on the homepage of GLV's website (http://www.glv.com).
About GLV Inc.
GLV is a leading global provider of technological solutions used in water treatment, recycling and purification, as well as in pulp and paper production. The Water Treatment Group (also known worldwide as "Eimco Water Technologies") specializes in the design and international marketing of solutions and high-performance, economical and eco-friendly processes for the treatment and recycling of municipal and industrial wastewater and water used in various industrial processes. It also offers water intake screening solutions for power stations, refineries and desalination plants. With its extensive technological portfolio, the group is positioned to provide comprehensive solutions for the filtration, clarification, treatment and purification of water that will either be returned into the environment, or be re-used in various industrial processes or for domestic purposes. The Pulp and Paper Group specializes in the design and global marketing of equipment and systems used in various stages of pulp and paper production, notably chemical pulping, pulp preparation and sheet formation and finishing. This group ranks among the foremost players in its industry and is a recognized leader in rebuilding, upgrading and optimization services for existing equipment, as well as the sale of spare parts. It also stands apart for the superior performance of several of its key products and technologies, notably in terms of energy savings. GLV is present in some 30 countries and has approximately 1,500 employees.
For information:
Marc Barbeau, CA
Executive Vice-President and Chief Financial Officer
Tel: +1-514-284-2224
Email: courrier@glv.com
http://www.glv.comContact:
For information: Marc Barbeau, CA, Executive Vice-President and Chief
Financial Officer, Tel: +1-514-284-2224, Email: courrier@glv.com