Braas Monier Building Group is a leading manufacturer and supplier of pitched roof products, offering both roof tiles and roofing components in Europe, selected Asian markets and South Africa. The Group covers all steps of the manufacturing process. It is one of the few manufacturers to sell both a comprehensive range of concrete and clay tiles for pitched roofs and complementary roofing components, as well as a wide range of chimneys and energy systems. Many of the most recognised and trusted brands in the industry are part of Braas Monier’s portfolio, including Braas, Monier, Bramac, Redland, Wierer and Coverland for roof tiles and roofing components, Klöber for roofing components and Schiedel for chimneys and energy systems.
The shares of the Braas Monier Building Group S.A. (ISIN LU1075065190, WKN BMSA01) were traded in the regulated market (Prime Standard) of the Frankfurt Stock Exchange for the first time on 25 June 2014. By opting for the Prime Standard of the regulated market of Frankfurt Stock Exchange and thus for highest international transparency standards, we already laid the foundation for a transparent and comprehensive capital market communication. At the issue price of EUR 24.00 per share, Braas Monier had a market capitalization of approximately EUR 940 million. The offer involved the placement of 4,166,667 new shares, which led to gross proceeds of approximately EUR 100 million. Effective from 22 September 2014 our share was included in the ‘SDAX’, the German small-cap segment of Deutsche Börse AG. The inclusion in the SDAX was an additional important step for us to significantly increase Braas Monier’s visibility in the international capital markets.
Within the framework of their takeover offer for Braas Monier Building Group S.A. (described under: http://www.offer.braas-monier.com), Standard Industries secured approximately 93.8% of total shares outstanding. As a consequence, given the remaining free float of below 10%, the Braas Monier share was taken out of the SDAX segment of Deutsche Börse with effect from 3 February 2017.
The additional acceptance period for Braas Monier shareholders to tender their shares into the Standard Industries offer, which is unanimously supported by the Board of Braas Monier, closed on 25 January 2017. On 30 January 2017, Standard Industries reported that it had secured approximately 93.8% of total shares outstanding (www.standardindustriesoffer.com).
All non-regulatory conditions for the takeover offer were satisfied at the end of the initial acceptance period. Standard Industries expects the offer to close in the first quarter of 2017, pending antitrust approval as set forth in the offer document.
|Date||Institute||Target Price (EUR)||Recommendation|
|November 2016||Exane BNP Paribas||29.00||Outperform|
|*:restricted since November 2016, financial adviser in takeover process. (www.offer.braas-monier.com)|