The Management Board of AM NV has noted the recent movement in the AM share price and related media reports.
To prevent dissemination of entirely inaccurate information in the market, the company confirms that it is holding exploratory talks on a merger or acquisition. Indicative offers value the company at up to 9.50 per share. Having consulted the Supervisory Board, AM's Management Board is engaged in discussions to establish whether a final offer for the company can be negotiated.
The company also confirms that exploratory talks were held with Fortis, which has been named in the media as a candidate to acquire part of AM's activities, and that both parties decided by mutual agreement to abandon these talks.
AM's Management Board stated explicitly at the time of publication of the 2004 figures on 17 March that the company had embarked on a strategic review to optimise both its financial structure and the funding required for its future growth. The company takes the view that financial restructuring is needed to enable it to grasp the opportunities presented by growth markets and meet its growing capital requirement. It also stated that little value was added by the company's listing and that there was relatively little synergy between AM's core activities (commercial property development on a European scale and housing and land development in the Netherlands).