Orbis Believes Hagemeyer Worth More Than 4.25 Euro / Share.
PR Newswire Europe, October, 2007
HAMILTON, Bermuda, October 11 /PRNewswire/ --
- Considers Proposed Sonepar Offer Unacceptable
Orbis Investment Management Limited, ("Orbis") manager of the Orbis Funds, which currently hold approximately 8.2% of Hagemeyer N.V.'s ordinary shares, noted the recent intended offer for Hagemeyer by Sonepar SA. Orbis believes that Sonepar's offer of 4.25 euro per share is well below Hagemeyer's long term intrinsic value. Orbis has confidence in the ability of Hagemeyer's current management to act in the best interests of the Company and to maximize value for all current shareholders.
Funds managed by Orbis have been shareholders in Hagemeyer for more than three years and were significant participants in the company's rights issue in January 2004....
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