PRESS RELEASE, 26 November 2003
On 20 October 2003, Lehman Brothers Real Estate Partners, L.P. and related funds ("LBREP") and Ratos AB ("Ratos") (together the "Bidders") announced a recommended cash offer of SEK 190 for each share of Fastighets AB Tornet (the "Offer"). The Offer was made through LRT Acquisition AB ("LRT Acquisition"), a Swedish company indirectly owned by LBREP at
60% and Ratos at
40%. The acceptance period expired 15.00 (CET) on Friday, 21 November 2003.
Shareholders representing 15,855,420 shares, corresponding to 61.3% of the total number of shares and votes of Fastighets AB Tornet ("Tornet" or the "Company"), have accepted the Offer. In addition, shareholders owning shares representing
in total 20.6% of the votes and capital in Tornet have entered into agreements with LBREP and Ratos whereby LRT Acquisition will purchase these shares, provided that the Offer is declared unconditional. The number of acceptances together with the number of shares covered by the conditional sale agreements total 81.9% of the number of shares and votes in the Company.
The merger control decision from the EU-commission is expected on 4 December 2003. In order to provide an opportunity for the remaining shareholders to accept the Offer, the acceptance period is extended until 15.00 (CET) on Friday, 5 December 2003.
The Bidders expect the Offer is declared unconditional no later than 10 December 2003. Cash settlement is expected to occur five business days thereafter on 17 December 2003.
As provided in the offer document, LRT Acquisition reserves the right to waive the conditions of the Offer, including the 90% acceptance condition, and thus complete the Offer at a lower level of acceptance than 90%.
Stockholm, 26 November 2003
For further information, please contact:
Mark H. Newman, Managing Director
Lehman Brothers Real Estate Partners, L.P.
Telephone number: +44 207 601 0011
Telephone number: +46 8 700 17 00