Inside Information: Uponor Corporation explores strategic alternatives and confirms indicative discussions in this regard
Uponor Corporation Inside Information 16 May 2023 at 09:00 am EEST
INSIDE INFORMATION: Uponor Corporation explores strategic alternatives and confirms indicative discussions in this regard
On 26 April 2023, the Board of Directors (the “Board”) of Uponor Corporation (“Uponor” or the “Company”) rejected the non-binding intention of Aliaxis S.A. (“Aliaxis” or the “Offeror”) to make an all cash public tender offer at a price of EUR 25.00 per share, announced 17 April 2023 (the “Non-binding Intention”).
The Board has noted the announcement of Aliaxis published on 15 May 2023 that it has reached a shareholding of over 20.05 percent of Uponor’s shares (including treasury shares).
As part of its assessment of Aliaxis Non-binding Intention, the Board has in line with its duties investigated the feasibility of other strategic alternatives for the Company. Subsequent to the Board’s rejection of the current Non-binding Intention, the Company has received indications of interest from other parties in relation to potential strategic transactions. The Board is currently assessing whether such approaches could result in outcomes that would be in the best interest of the shareholders of Uponor.
There can be no assurance that the Board’s work will lead to a tender offer or any other transaction.
The Board will evaluate and pursue strategic proposals based on the best interest of Uponor’s shareholders. The Board remains focused on pursuing the Company’s strategy. It believes that Uponor enjoys strong performance under its new management, and, with its recently renewed strategy, has a strong position for future profitable growth, and is assessing strategic alternatives also in this light.
The Company will release further information at an appropriate time.
Board member chairing the board ad hoc committee
Senior Vice President, Corporate Communications and IR
Tel. +358 (0)20 129 2821
Uponor in brief
Uponor is a leading global provider of solutions that efficiently and effectively move water through cities, buildings, and homes. We help customers in residential and commercial construction, municipalities, and utilities, be more productive – and continuously find new ways to conserve, manage and provide water responsibly, unlocking its potential to provide comfort, health, and efficiency. Our safe drinking water, energy-efficient radiant heating and cooling systems, and reliable infrastructure solutions are sold in more than 80 countries. Uponor employs about 3,900 professionals in 26 countries in Europe and North America. In 2022, the company’s net sales totalled approximately €1.4 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponorgroup.com