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UPDATE ON THE INTEGRATED OFFER FOR MAGNESITA
UPDATE ON THE INTEGRATED OFFER FOR MAGNESITA.
About this update from Rhi Magnesita Nv
[{"type":"text","content":"\n \nRNS Number : 1585G RHI Magnesita N.V. 28 February 2018 \n\nRHI Magnesita N.V.\n(\"RHI Magnesita\" or the \"Company\")\n \nUPDATE ON THE INTEGRATED TENDER OFFER FOR MAGNESITA\n \n28 February 2018, London. RHI Magnesita N.V. (LSE: RHIM), a global leading supplier of refractory products, systems and services, announces updated information on the Integrated Tender Offer for Magnesita Refratários S.A. (\"Magnesita\"). \n \nAppraisal Report\nAs announced by Magnesita yesterday, the Appraisal Report, prepared by BR Partners, an independent appraiser appointed by Magnesita's Shareholders Meeting held on 30 November, 2017, was made available on Magnesita's website (ri.magnesita.com). According to the Appraisal Report, the economic value of Magnesita's shares ranges between R$33.87 and R$37.25, with R$35.56 being the mid-point, calculated according to the discounted cash flow methodology, identified by BR Partners as the most adequate methodology for assessing Magnesita's shares economic value (\"Economic Value\"). \n \nIntegrated Tender Offer Update\nIn order to ensure that the cash-only alternative offer is at least equivalent to the Economic Value, RHI Magnesita's Board of Directors approved an amendment to the cash-only alternative offer to the higher of:\ni) R$31.09 (equivalent to EUR 8.19, converted by the exchange rate of R$3.7979 per Euro, published by the Brazilian Central Bank on October 26, 2017 (\"Closing Date\")), adjusted by SELIC (the Brazilian benchmark interest rate) from the Closing Date until the date of the settlement of the auction of the Integrated Tender Offer; and\nii) R$35.56, not adjusted by SELIC\nRHI Magnesita informs there are no changes to the cash plus shares option, where for each Magnesita share RHI Magnesita has offered R$17.81 (adjusted by SELIC from the Closing Date until the date of the settlement of the auction of the Integrated Tender Offer) plus 0.1998 RHI Magnesita shares.\nAs of the close of trading yesterday Magnesita's shares were quoted at R$ 55.40.\n \nRHI Magnesita will provide further updates on the progress of the Integrated Tender Offer as and when appropriate.\n \nAbout RHI Magnesita\n \nRHI Magnesita is the result of the combination of RHI and Magnesita to form the global leading supplier of high-grade refractory ...