23 February 2012
Ludowici Limited (ìLudowiciî) announces that it has today
received a revised Competing Proposal from The Weir Group PLC
(ìWeirî) at a price of $10.00 cash per Ludowici share, the
same price as the FLSmidth proposal announced on 16 February
2012.
Under the proposal, Weir (or a nominee) will acquire all of
Ludowiciís shares for $10.00 cash per share (less any
dividends declared or paid by Ludowici before the transaction
is completed) by way of Scheme of Arrangement (ìWeir
Proposalî). The Weir Proposal is conditional on the Takeovers
Panel making a decision to the effect that FLSmidth cannot
offer, or propose to pay, Ludowici shareholders more than
$7.20 per share whether for a specified period or
otherwise.
The Board of Ludowici acknowledges receipt of the Weir
Proposal and notes that it is on similar terms and conditions
and at the same price as the recommended offer by FLSmidth &
Co A/S (ìFLSmidthî) but expires at 5.00pm Friday 24 February
2012.
The Ludowici Board is considering the impact of the new Weir
Proposal in the context of the ongoing
Takeovers Panel proceedings and will update the market in due
course.
Phil Arnall Chairman Ludowici Limited