Velcro Industries announces $21-per-share tender offer

By Lisa Kerner

Charlotte, N.C., Jan. 8 - Velcro Industries NV began a cash tender offer on Wednesday to purchase all outstanding shares of its common stock for $21 per share.

The offer will expire at 5 p.m. ET on Feb. 10 unless extended and is not conditioned upon a minimum number of shares being tendered, according to Velcro.

Cohere Ltd., which holds more than 95% of Velcro's common stock, went to court in September to compel the sale of all stock held by Velcro's minority shareholders to Cohere for $21 per share.

Velcro said its offer gives shareholders the opportunity to receive payment prior to completion of Cohere's court proceeding.

Computershare Investor Services Inc. is the depositary for the offer, and the information agent is MacKenzie Partners, Inc. (800 322-2885).

Velcro Industries, based in Curacao, Netherlands Antilles, is the holding company for the Velcro companies, which manufacture hook-and-loop fasteners.

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