MONTREAL, Oct. 13 /CNW Telbec/ - (All amounts are in Canadian dollars unless otherwise indicated.) GLV Inc. ("GLV"; ticker symbols GLV.A, GLV.B / TSX) announces that the Austrian Takeover Commission has approved GLV's voluntary takeover bid (the "Offer"), effective immediately, to purchase up to 100% of the shares of Christ Water Technology AG ("CWT").
The Offer document is available on the homepage of GLV's website (www.glv.com).
Holders of CWT shares are being offered a cash consideration of (euro)3.35 per CWT share representing a total equity purchase price of approximately $105 M (using a 1.60 Canadian dollar/Euro exchange rate). GLV's Offer to CWT shareholders has received the support of CWT's largest shareholder, Mr. Andreas Weissenbacher, who holds approximately 27% of the shares of CWT principally through WAB Privatstiftung which signed a binding commitment to irrevocably tender its shares into GLV's takeover bid.
The completion of the Offer is subject to having a minimum of 90% of CWT's shares tendered into the Offer, and to certain other conditions. GLV aims to close the transaction in November or December 2009.
About GLV Inc.
GLV is a leading global provider of technological solutions used in water treatment, recycling and purification, as well as in pulp and paper production. The Water Treatment Group (also known worldwide as "Eimco Water Technologies") specializes in the design and international marketing of solutions and high-performance, economical and eco-friendly processes for the treatment and recycling of municipal and industrial wastewater and water used in various industrial processes. It also offers water intake screening solutions for power stations, refineries and desalination plants. With its extensive technological portfolio, the group is positioned to provide comprehensive solutions for the filtration, clarification, treatment and purification of water that will either be returned into the environment, or be re-used in various industrial processes or for domestic purposes. The Pulp and Paper Group specializes in the design and global marketing of equipment and systems used in various stages of pulp and paper production, notably chemical pulping, pulp preparation and sheet formation and finishing. This group ranks among the foremost players in its industry and is a recognized leader in rebuilding, upgrading and optimization services for existing equipment, as well as the sale of spare parts. It also stands apart for the superior performance of several of its key products and technologies, notably in terms of energy savings. GLV is present in some 30 countries and has approximately 1,500 employees.
SOURCE GLV Inc.
For further information: For further information: Marc Barbeau, CA, Executive Vice-President and Chief Financial Officer, (514) 284-2224, email@example.com; www.glv.com