Cash Compensation Squeeze-Out
Guangdong Midea Electric Co., Ltd. specifies transfer request of 23 November 2021 and determines the cash compensation for the envisaged Squeeze-Out of the minority shareholders of KUKA Aktiengesellschaft at EUR 80.77 per no-par-value bearer share.
24 March 2022
KUKA Aktiengesellschaft
Zugspitzstrasse 140, 86165 Augsburg
- ISIN DE0006204407 -
Admitted on the following German stock exchanges:
Frankfurt am Main and Munich
Market Segment: Prime Standard
Publication of insider information in accordance with Article 17 MAR
Guangdong Midea Electric Co., Ltd. specifies transfer request of 23 November 2021 and determines the cash compensation for the envisaged Squeeze-Out of the minority shareholders of KUKA Aktiengesellschaft at EUR 80.77 per no-par-value bearer share.
The main shareholder of KUKA Aktiengesellschaft, Guangdong Midea Electric Co., Ltd., has informed the management board of KUKA Aktiengesellschaft today that it has determined the appropriate cash compensation for the transfer of the shares of the other shareholders of KUKA Aktiengesellschaft (minority shareholders) to Guangdong Midea Electric Co., Ltd. as main shareholder at EUR 80.77 per no-par-value bearer share of KUKA Aktiengesellschaft. The amount of the cash compensation has been determined by the main shareholder based on a valuation of the enterprise value. The appropriateness of the cash compensation is currently being audited by the auditor appointed by the court, Baker Tilly.
The main shareholder thus confirms and specifies its request in accordance with section 327a para. 1 German Stock Corporation Act, which was submitted to the management board of KUKA Aktiengesellschaft on 23 November 2021.
The resolution required for the transfer of the shares is to be passed in the Annual General Meeting of KUKA Aktiengesellschaft scheduled for 17 May 2022. Guangdong Midea Electric Co., Ltd., a wholly owned subsidiary of Midea Group Co., Ltd., holds via its wholly owned subsidiaries Midea Electric Netherlands (I) B.V. and Midea Electric Netherlands (II) B.V. more than 95% of the shares of KUKA Aktiengesellschaft. Guangdong Midea Electric Co., Ltd. thus is main shareholder in the meaning of section 327a para. 1 sentence 1 German Stock Corporation Act.
The effectiveness of the transfer of the shares of the minority shareholders depends on the approval of the general meeting of KUKA Aktiengesellschaft and the registration of the transfer resolution in the commercial register of KUKA Aktiengesellschaft.
Augsburg, 24 March 2022
KUKA Aktiengesellschaft
The Management Board
