Pierer Industrie AG intends a merger of CROSS Industries AG into BRAIN FORCE HOLDING AG
Pierer Group has informed BRAIN FORCE HOLDING AG today, that it intends to merge CROSS Industries AG into BRAIN FORCE HOLDING AG. Within the next months the necessary preparatory work, reviews, decisions and corporate actions will be effected. The realization of the transaction is expected in the first half of 2015.
CROSS Industries AG is the majority shareholder of the automotive group KTM AG with its brands KTM and Husqvarna, Pankl Racing Systems AG and WP AG. The CROSS Group employs more than 4,400 people and expects a consolidated turnover of approximately EUR 1.1 billion at the end of the fiscal year 2014.
The Company and Pierer Group will provide further information on the implementation of the transaction to the shareholders in due course.
Further, BRAIN FORCE HOLDING AG announces that, upon completion of the sale of its participations to CEGEKA GROEP, the Net Asset Value per BRAIN FORCE share amounts to approximately EUR 1.64 as of 30 September 2014.
Legal notice: This ad-hoc announcement constitutes neither an offer to sell nor a solicitation to buy any securities of BRAIN FORCE HOLDING AG.