The Ontex board of directors confirms that it has received an updated indication of interest, expressed as final, from PAI that was below the value of their previous proposal. The Ontex board of directors unanimously agreed that it could not recommend an offer on the terms being discussed and now considers the matter closed. On that basis, PAI informed Ontex that it also considers the matter closed.
The board of directors continues to have full confidence in the strategy being executed by the management team and believes that this will deliver attractive long-term value to Ontex’s shareholders. Ontex H1 2018 results, published on July 26, demonstrated clear progress against the company's 2018 priorities, with continued strong demand for our products, early indications of improvements in Brazil, positive price/mix and a sequential improvement in margins in Q2 despite severe input cost and FX headwinds.
Ontex Chairman Luc Missorten says: “The board of directors has full confidence in the group’s strategy and our recent results demonstrate that clear progress is being made. The approach from PAI has strengthened our resolve to deliver value faster. The board of directors is conducting a comprehensive review of the available options to accelerate the delivery of value for the benefit of our shareholders. The board of directors expects this review to be completed by the end of Q4 2018.“