Targetti news - FINANCE - Targetti Group: The Board of Directors of Targetti Sankey S.p.A. examined the mandatory and total takeover bid on the Company’s common shares and approved the Issuer’s Statement

The Board of Directors of Targetti Sankey S.p.A. (“Targetti”) met today in Florence at the presence of 8 directors in office out of 11 and one Statutory Auditor, to examine the documents related to the total takeover bid on Targetti’s common shares, submitted by Consulting 2 S.r.l. (the “Offeror”) in compliance with articles 102, 106, paragraph 1, and 109, paragraph 1, letters a) and b), of the Unified Finance Law on behalf of Consulting 1 S.r.l., Giampaolo Targetti, Lorenzo Targetti, Stella Targetti, Antonio Orlandi, Carlo Marchi, Federico Marchi, Ferruccio Marchi, Filippo Marchi, Gioia Falck and Domenico Neri S.r.l. (jointly “Targetti’s Shareholders”) as well as on some private equity funds managed by 3i Investments Plc (“3i”).

For this purpose, Targetti’s Board of Directors examined, inter alia, the press documents released on 28 June 2007 and 11 September 2007 by Targetti’s Shareholders and 3i, the abstract of the shareholders’ agreement entered into by Targetti’s Shareholders and 3i on 11 September 2007, the document as per article 37 of the Issuers’ Regulations released by the Offeror on 1 October 2007, as well as the draft Bid Document the Offeror put at Targetti’s disposal on 10 October 2007.

After examining the documentation at its disposal, and after acknowledging the conclusions of the fairness opinion provided by Cazenove AG (that is addressed exclusively to the Board without any liability vis-à-vis any other person or entity), approved the text of the Issuer’s Statement drafted in compliance with article 103, paragraph 3 of Legislative Decree no. 58 of 24 February 1998 and article 39 of Consob Ruling 11971/1999. The Issuer’s Statement—to be transmitted to Consob—will be disclosed later together with the Offeror’s Bid Document.

Targetti Group is one of the leading players in Europe in the indoor and outdoor lighting sector. An international network of highly specialised companies which draw their strength from a firmly-established tradition and natural vocation for research. Thanks to the perfect combination of design and technology, Targetti devices are used to light universal masterpieces such as Michelangelo's David, Da Vinci's Last Supper and Notre Dame Cathedral, and are used in a wide range of settings: from the Singapore Opera House to the airports in Madrid, Canton and Paris; from the showrooms of Bulgari, Benetton, Celine and Diesel to McLaren’s Formula 1 boxes; from companies such as Peugeot, Citröen and Alfa Romeo to the world's leading hotel chains, through to over 4,000 small and large towns where light… equals Targetti.