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Internet

Topcall is surprised by hostile takeover bid of Brain Force Software

Tuesday 8 June 2004 | 10:18 CET | News
The Management of TOPCALL International is astonished about the takeover announcement of Brain Force Software AG and the approach taken. At the day the takeover intention of Brain Force became public, the reported takeover offer in the amount of € 3.50 per share was lower than the daily stock exchange price of the TOPCALL share. Given the attractivity of the company and the solid economic key figures of TOPCALL, the Management is open to potential partnerships. Brain Force did not contact the Management of TOPCALL to make a proposal for cooperation before publishing its intention to submit a takeover offer. At the day its takeover intention became public, the offer price announced by Brain Force was lower than the daily stock exchange rate of the TOPCALL share. Therefore, at the time being, neither a squeeze-out of the small shareholders of TOPCALL nor a delisting of the company from the Vienna Stock Exchange is to be assumed. Under the statutory regulations for takeover procedures, the shareholders of TOPCALL are free to decline an offer by Brain Force. Up to date, Brain Force has not notified any takeover offer to the Management of TOPCALL. Doubts regarding the seriousness of Brain Force’s intention to submit an offer as expressed vis-à-vis the Management of TOPCALL International AG by a couple of shareholders, might have originated in the result of the capital increase of Brain Force. Not even half of the orginally planned amount of the capital increase of Brain Force was placed on the market. Therefore, the Management of TOPCALL will comment on a takeover offer of Brain Force after its publication. Continuity and solid results of TOPCALL In recent years, TOPCALL has pursued a very cautios expansion strategy and has been supported by the know-how of its employees most of whom have been part of the TOPCALL team for many years. This strategy has guaranteed security and continuity for investors, even in difficult market conditions. In the last two fiscal years, TOPCALL distributed a dividend in the amount of 6 €-cents per share. This was an exceptional achievement in today’s IT-industry. Whether this strategy could be maintained after a non-accorded takeover by Brain Force is uncertain.

Categories: Internet
Countries: Austria
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