Gerresheimer to Float in Biggest IPO to Date in 2007

  • Share offering at 40 euros per share
  • Offer volume around 1 billion euros
  • Free-float after IPO of 80.6 percent (incl. Greenshoe Option)

Düsseldorf, 8 June 2007 – Gerresheimer AG, a world-leading specialist manufacturer of high quality glass and plastics for the pharma and life science industry, and the selling shareholder BCP Murano II S.à r.l. (BCP Murano), an indirect subsidiary of The Blackstone Group International Limited, together with the joint global coordinators and joint bookrunners, Credit Suisse and Morgan Stanley, today set the offer price for Gerresheimer’s Initial Public Offering at 40 euros per share. The shares are valued at the middle of the pricing range of 37 to 45 euros.

A total of 25.3 million shares were placed in the offer. Of these shares, 11.4 million shares were from a capital increase, 10.6 million shares were offered by BCP Murano and a further 3.3 million shares were offered by BCP Murano to the consortium banks to cover a potential over-allotment (Greenshoe-Option). The placement value therefore amounts to around 1 billion euros (including the over-allotment), making Gerresheimer the biggest IPO to date on the German stock market in 2007. The company will generate gross proceeds of around 456 million euros from the capital increase. Gerresheimer intends to use the proceeds to reduce its financial obligations, thereby enabling it to make future targeted acquisitions and to accelerate its growth rate.

“We are very pleased with the IPO and see the great interest of investors as a confirmation of our growth strategy,” said Dr. Axel Herberg, CEO of Gerresheimer AG. “We want to strengthen our position as one of the world’s leading producers and partners for the pharmaceutical and life science industry.”

The free-float of the company amounts to 80.6 percent, assuming a full exercise of the Greenshoe Option. BCP Murano and the management of Gerresheimer AG have agreed on a lock-up provision according to which they will not sell their remaining shares on the open market during a period of six and 12 months, respectively. The company has also undertaken not to announce, implement or propose at its shareholders meeting a capital increase of authorised capital during this six-month period. These restrictions apply to the distribution of convertible and option debenture bonds as well as to other similar financial measures.

Of the 25.3 million shares, about 95.7 percent will be placed with institutional investors and about 4.3 percent with private investors. The allocation to private investors was carried out according to the Stock Market Commission of Experts’ Principles for the Allocation of Share Issues to Private Investors as published on 7 June 2000 by the German Ministry of Finance. Allocations were made according to uniform criteria for all underwriting banks. Every third order up to an allocation of 50 shares receives full allocation. All orders above this allocation will be allocated with 60 percent.

The shares of Gerresheimer AG have been admitted to the Frankfurt Stock Exchange and will be traded for the first time in the Prime Standard segment of the Frankfurt Stock Exchange on 11 June 2007 in the Prime Standard market. The shares are entitled to full dividend for the financial year beginning on 1 December 2006. The company’s shares will be listed under the symbol “GXI”, the ISIN is DE000A0LD6E6.

About Gerresheimer

Gerresheimer currently employs around 9,000 people in 31 locations in Europe, America and Asia. The product range comprises medicine bottles made of glass and plastic as well as complex drug delivery systems. The latter include for example pre-fillable sterile syringes, inhalers and other system solutions for safe dosage and application of medications. The Gerresheimer Group has a leading position in a market characterised by technical and regulatory entry barriers as Gerresheimer’s products must meet the highest quality requirements of international pharmaceutical supervisory authorities.

The Gerresheimer Group generated sales of around EUR 893 million in 2006 on a pro-forma basis, of which around EUR 247 million was attributable to the recently acquired Wilden AG, a European market and technology leader for innovative plastic systems. Pro-forma adjusted EBITDA for the Gerresheimer Group in 2006 totalled around EUR 151 million. In the financial year 2007, sales for the – traditionally weakest – first quarter were around EUR 226 million, and pro-forma adjusted EBITDA was around EUR 40 million.

This publication serves information purposes and constitutes neither an offer to sell nor a solicitation to buy securities of Gerresheimer AG. The securities have already been sold.

This press release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, into the United States. The securities of Gerresheimer AG described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any State, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. Neither Gerresheimer AG nor any selling shareholder intends to register any portion of the offering in the United States or conduct a public offering of securities in the United States.

This communication is directed only at (I) persons who are outside the United Kingdom or (II) persons having professional experience in matters relating to investments or (III) high net worth companies and other persons to whom it may lawfully be committed falling within article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

Diese Veröffentlichung dient Informationszwecken und stellt weder ein Angebot zum Verkauf noch eine Aufforderung zum Kauf von Wertpapieren der Gerresheimer AG dar. Die Wertpapiere sind bereits verkauft worden.
Diese Pressemitteilung ist kein Angebot zum Verkauf oder eine Aufforderung zum Kauf von Wertpapieren in den Vereinigten Staaten von Amerika. Hierin erwähnte Wertpapiere der Gerresheimer AG sind nicht und werden auch in Zukunft nicht gemäß den Bestimmungen des U.S. Securities Act of 1933 in der derzeit gültigen Fassung (“U.S. Securities Act”) oder den Gesetzen des jeweiligen Bundesstaates registriert und dürfen daher nicht in den Vereinigten Staaten von Amerika angeboten oder verkauft werden, es sei denn sie werden gemäß einer Ausnahme von den Registrierungserfordernissen des U.S. Securities Act oder den Gesetzen des jeweiligen Bundesstaates oder im Rahmen einer Transaktion, die nicht Gegenstand dieser Gesetze ist, angeboten und verkauft. Weder die Gerresheimer AG noch einer der abgebenden Aktionäre beabsichtigt, das Angebot oder einen Teil davon in den Vereinigten Staaten von Amerika zu registrieren oder ein öffentliches Angebot in den Vereinigten Staaten von Amerika durchzuführen.

Diese Mitteilung ist nur gerichtet an (I) Personen außerhalb des Vereinigten Königreichs oder (II) Personen mit professioneller Erfahrung in Investment-Angelegenheiten oder (III) “high net worth companies” und andere Personen, die von Artikel 49 (2) (a) bis (d) der U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (in ihrer jetzigen Fassung) erfasst sind und an die sie rechtmäßig gerichtet werden kann (alle solche Personen im Folgenden “Relevante Personen” genannt). Jede Person, die keine Relevante Person ist, darf nicht aufgrund dieser Mitteilung oder ihres Inhalts tätig werden oder auf diese vertrauen. Jede Investition oder Investitionstätigkeit, auf die sich diese Mitteilung bezieht, steht nur Relevanten Personen zur Verfügung und wird nur mit Relevanten Personen unternommen.

This press release or the information contained herein is not being issued and may not be distributed in the United States of America, Canada, Japan or Australia.
Diese Pressemitteilung bzw. die in dieser Pressemitteilung enthaltenen Informationen sind nicht zur Weitergabe in bzw. innerhalb der Vereinigten Staaten von Amerika, Kanada, Japan oder Australien bestimmt.