Cleaning & Restoration Breaking News

Forbo says major shareholder opposition, CEO resignation make offer unlikely

February 22, 2005
/ Print / Reprints /
/ Text Size+
ZURICH (AFX) - Forbo Holding AG said that the probability that an offer will be made for the Swiss flooring, adhesives, and beltings company is now 'questionable' due to opposition and buying of shares by major shareholder Michael Pieper, and the resignation of chief executive This Schneider.

This is in spite of indications that one of the three bidders currently looking at the company's books intends to submit an offer of 260 sfr per share by Friday, and indications that competing offers might follow.

Pieper has called for an immediate termination of the bidding process for the company, and Scheider resigned on Feb 17 due to his opposition to the bidding process, Forbo said in a statement.

Pieper now holds more than 25 pct in the company together with the Franke Group, and is calling for the registration of these shares in the shareholder register.

In November private equity group CVC Capital Partners made a 330 sfr per share offer for Forbo, which the company rejected. CVC then raised its offer to 350-370 sfr, corresponding to 246.53-256.53 sfr per share following the recent capital increase, and the company agreed to it and others conducting due diligence on its books, and set a Feb 25 deadline for deciding on an offer.

The company said today that the Feb 25 deadline still stands.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.

1/27/15 2:00 pm EST

Grow Your Business and Improve Operations with New Payment Technology

Attend this free webinar to learn how new developments in payment technology can help you close more jobs, increase upselling opportunities and improve operations.


The winter slow season is a great time to pursue commercial cleaning accounts and stay busy. John "the Hitman" Braun solicited questions from thousands of cleaners across the country regarding their questions on commercial cleaning accounts and answers them in this episode of the show.
More Podcasts

ICS Cleaning Specialist Magazine


2014 Nov/Dec

The Nov/Dec ICS features content on how to get better meter readings, a roundtable on truckmount development, neighborhood marketing and more. Also included is the annual Buyer’s Guide and Directory.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view