CURACAO, Netherlands Antilles, Sept. 2 /CNW/ - Velcro Industries N.V.
("the Company") (NASDAQ: VELC), holding company for the Velcro companies and
the industry leader in hook and loop fasteners, today announced that on
September 1, 2008 Cohere Limited ("Cohere"), the holder of record of more than
95% of the shares of the Company's common equity, filed a petition under
Article 2:250 of the Civil Code of the Netherlands Antilles (the "Petition")
with the Court of First Instance of the Netherlands Antilles sitting in
Curacao (the "Court") seeking to allow Cohere to acquire all the issued
Company shares, not currently held by Cohere, at US$21.00 per share or such
other price as determined by the Court.
The Company, which is not a party to the proceeding initiated by the
Petition, understands that the Court will issue a summons setting forth an
appearance date (expected to be four months from the date the Petition was
filed) and provide a copy of the Petition to each of the other shareholders of
record of the Company at the time of the filing of the Petition. The other
shareholders of record may appear in Court on such appearance date to oppose
the Petition. If none of the other shareholders of record appear, the Court
can render judgment by default. The Company will make available a copy of the
Petition (in Dutch with English translation) to any shareholder of record, or
any previously identified Non-Objecting Beneficial Owner of the Company's
shares, upon written request.
The Company's Board of Directors has not approved the Petition and makes
no recommendation to shareholders as to how to proceed. The Company suggests
that shareholders read carefully all the information in the Petition and
related materials and should consult with their own tax, financial and legal
About Velcro Industries N.V.
Velcro Industries N.V. (NASDAQ: VELC) is incorporated and domiciled in
Curacao, Netherlands Antilles as a Naamloze Vennootschap (public limited
liability company) and acts as the holding company of the Velcro companies,
which are primarily involved in the manufacturing and sales of VELCRO(R) and
TEXACRO(R) brand fasteners, ULTRA-MATE(R) brand hook fasteners, and
ONE-WRAP(R) brand straps throughout the world.
This press release and the documents referenced herein may contain
"forward-looking" statements and information, which involve risks and
uncertainties. Actual future results may differ materially. Statements
indicating that the Company "expects," "estimates," "believes," "is planning"
or "plans to" are forward-looking, as are other statements concerning future
financial results or other events that have not yet occurred. There are
several important factors that could cause actual results or events to differ
materially from those anticipated by the forward-looking statements.
For further information:
For further information: Questions or written requests for a copy of the
Petition and related materials may be directed to Peter A. Pelletier, the
Company's Secretary and Treasurer, c/o Velcro Group Corporation, 406 Brown
Avenue, Manchester, New Hampshire 03103, telephone (800) 225-0180, extension