The obligation to accept the voluntary public tender offer is subject to the condition that MHG offers a purchase price of at least EUR 1.30 per stock in cash to all stockholders. The intended voluntary public tender offer will be subject to several conditions, among others the provision of governmental approvals until 29 December 2009 and the achievement of the minimum take over threshold of 80 percent. Including the shares held by other members of the Fielmann family, which are included in the abovementioned agreement, Fielmann, Carlsson and Müller together hold about 77.96% of the shares in Procon MultiMedia AG.
Morten Carlsson and Christian Müller intend to continue their engagement with the company on a long-term basis, including after the sale of their shares in the course of the intended tender offer.
After MHG, respectively the Production Resource Group, has published the intended tender offer, the Company will respond to this in more detail. No other information is available at present.
Procon MultiMedia AG has two subsidiaries, Cinegate - a supplier of technical services to the film and television industry, and Procon Event Engineering - a leading supplier of technical services to the live event production market, including many large-scale events, recent examples of which include the Asian Games in Doha (see L&SI magazine February 2007), the Olympic Games opening and closing ceremonies in Beijing (see L&SI October 2008) and the Eurovision Song Contest in Moscow (L&SI July 2009). The company has over 400 employees and holds an equipment pool with a replacement value of EUR 140m.
PRG is the world's leading supplier of entertainment technology solutions including lighting, audio, video, scenery and automation systems. PRG serves a wide range of markets, including theatre, concert tours, trade shows, corporate and special events, television and film, and themed environments, and provides its services worldwide through more than 17 offices in North America, Europe, and Asia. Through an English sub-holding, MHG is a 100% subsidiary of Production Resource Group LLC.
(Lee Baldock)
