News Flash

Board of management & supervisory board support take-over offer by PPR

26 May '07

3 min read

The Managing Board and the Supervisory Board support the Offer as they believe that the Offer is in the long-term interest of the Company and its employees and that the Offer Price is fair.

Therefore, the Managing Board and the Supervisory Board recommend that the PUMA Shareholders accept the Offer and tender their PUMA Shares under the Offer, in particular if they consider their investment under short and medium term aspects.

The Managing Board and the Supervisory Board have based their decision to support the Offer and to recommend to the PUMA Shareholders to accept the Offer on several considerations, including without limitation the following:

• The Managing Board and the Supervisory Board consider the Offer Price of EUR 330,00 per PUMA Share offered by the Bidder to be fair within the meaning of Section 31 para. 1 of the Takeover Act.

• The Offer Price exceeds the historical market prices of the PUMA Share; furthermore, the fairness of the Offer Price from a financial point of view is supported by the two Fairness Opinions provided by the investment banks Lehman Brothers and UBS.

Potential synergies resulting from the future co-operation between PPR and PUMA have not been taken into consideration, it being understood that it is not intended to achieve synergies by way of shutdowns of business locations or reduction of staff.

• By combining the businesses of PUMA AG and PPR Group the market position of PUMA AG as the leading enterprise in the sportlifestyle sector is strengthened in the long term and a platform for the further worldwide development of the Company and the implementation of its business strategy is created.

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