Cohere Limited, the holder of record of more than 95% of the shares of Velcro Industries N.V.'s common equity, filed a petition under Article 2:250 of the Civil Code of the Netherlands Antilles with the Court of First Instance of the Netherlands Antilles sitting in Curacao seeking to allow Cohere to acquire all the issued Company shares, not currently held by Cohere, at US$21.00 per share or such other price as determined by the Court.
The Company, which is not a party to the proceeding initiated by the Petition, understands that the Court will issue a summons setting forth an appearance date (expected to be four months from the date the Petition was filed) and provide a copy of the Petition to each of the other shareholders of record of the Company at the time of the filing of the Petition. The other shareholders of record may appear in Court on such appearance date to oppose the Petition. If none of the other shareholders of record appear, the Court can render judgment by default.
The Company will make available a copy of the Petition (in Dutch with English translation) to any shareholder of record, or any previously identified Non-Objecting Beneficial Owner of the Company's shares, upon written request.
The Company's Board of Directors has not approved the Petition and makes no recommendation to shareholders as to how to proceed. The Company suggests that shareholders read carefully all the information in the Petition and related materials and should consult with their own tax, financial and legal advisors. -- www.cnxmarketlink.com
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