On Friday 5th March 2004 Rodamco Asia and ING Real Estate announced that ING Real Estate B.V. or one of its group companies intends to make a recommended public offer of € 18.00 (cum dividend) in cash per share for all issued and outstanding shares in the capital of Rodamco Asia N.V.
Both parties further announce that the expectation is justified that agreement can be reached on the terms and conditions of the intended public offer.
The expected offer price of € 18.00 implies a premium of approximately 7.1% over the last traded price of € 16.80 per Rodamco Asia share on 4 March 2004 (Euronext Amsterdam), and of 19.8% over the average closing price during the last twelve months. In relation to Rodamco Asia’s net asset value (“NAV”), the offer price is 1.0% higher than the last published NAV at 30 November 2003 of € 17.82 per share, and 1.3% higher than the NAV at 30 November 2003 adjusted for currency movements up to 3 March 2004 of € 17.77 per share. The Supervisory Board and the Management Board of Rodamco Asia support the proposed public offer, which they will recommend for acceptance to the shareholders of Rodamco Asia. The Supervisory Board and the Executive Board of ING Group have also approved the intended public offer.
Source: ING Real Estate