Joyou AG / Key word(s): Offer
14.02.2011 08:35
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Hamburg, 14 February 2011. Joyou AG has received the information that Grohe
Asia AG, a newly established fully owned subsidiary of Grohe Holding GmbH,
Hemer, intends to submit a takeover bid for all shares of Joyou AG for an
offer price of EUR 13.50 per share. Grohe Asia AG informed Joyou AG that it
has already secured irrevocable commitments as well as other undertakings
from current Joyou AG shareholders securing voting rights of at least 30%
in Joyou AG.
Additionally, the major shareholders of the company, Mr. CAI, Jianshe and
Mr. CAI, Jilin, both members of the executive board of Joyou AG, intend to
enter into a long-term partnership agreement with Grohe Holding GmbH
according to which Mr. CAI, Jianshe and Mr. CAI, Jilin would contribute a
major part of their respective shares in Joyou AG (28.6% of Joyou AG share
capital) into Grohe Asia AG against an issuance of new shares. Thus Mr.
CAI, Jianshe and Mr. CAI, Jilin will directly and indirectly remain major
shareholders of Joyou AG.
As a consequence of this new cooperative structure, Joyou AG and the Grohe
Group will intensify and further develop their existing business
relationship, especially with regards to domestic and international sales
and distribution both of Grohe and Joyou products, as well as technology
transfer and component purchasing.
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Information and Explaination of the Issuer to this News:
About Joyou
Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces
and sells faucets and other sanitary ware products in China under its brand
name 'Joyou' and is also engaged as a OEM/ODM-manufacturer for
international brands and trading companies in the United States and Europe
as well as other emerging markets. In 2009, Joyou was one of the leading
single-brand manufacturers of bathroom, kitchen and other faucets in China
in terms of revenues (according to BSRIA). Joyou has established an
extensive distribution network in China with 3,596 retail points of sales
as of 31 December 2010.
Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian
Province in China. Joyou's five main product groups sold in its own brand
business are bathroom faucets, kitchen products, shower products as well as
other bathroom products and other faucets and sanitary hardware. In 2009,
Joyou realised group revenues of EUR 172.3 million, an operating profit
(EBIT) of EUR 39.0 million and a net profit of EUR 22.3 million employing
on average 2,529 persons.
For further information, please contact:
Joyou AG
Ian Oades, tel.: +86 595 8618 8888, ian.oades@joyou.net
Kirchhoff Consult AG
Jens Hecht, tel.: +49 40 60 91 86 0, jens.hecht@kirchhoff.de
or visit the company website at: http://www.joyou.com
14.02.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Joyou AG
Chilehaus A, Fischertwiete 2
20095 Hamburg
Deutschland
Phone:
Fax:
E-mail: ir@joyou.net
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Joyou AG: Intended takeover bid
| Source: EQS Group AG