HESTYA ENERGY PROVIDES UPDATES TO LARGE SHAREHOLDERS ON PROGRESS ON THE DUE DILIGENCE
H.E.S. Beheer N.V. ("HES Beheer") and Hestya Energy B.V. ("Hestya Energy") jointly announce that earlier today Hestya Energy provided certain of HES Beheer's major shareholders, which previously signed so-called irrevocable undertakings, with an update on its due diligence exercise. Pursuant to these irrevocable undertakings, these major shareholders, which together represent 58% of all issued and outstanding shares in HES Beheer, have committed to tender their shares in HES Beheer in a possible offer (if and when made) at an effective cash price of EUR45.00 per share (minus any dividends or distributions on these shares) (if and when declared)).
In this update, Hestya Energy indicated that it has not yet been able to conduct the last phase of its due diligence efforts. Hestya Energy now hopes to complete the outstanding due diligence as soon as possible in the coming weeks. The relevant shareholders have taken notice of the update and indicated that they will not use their rights to terminate the irrevocable, provided that by 15 May 2014 HES Beheer and Hestya Energy enter into a merger protocol regarding a possible public cash offer by Hestya Energy or a new entity that is an affiliate of Hestya Energy for all issued and outstanding shares of HES Beheer.
==> For the full text of the press release dated 15 April 2014, click on "Investor Relations > Press releases"