euro adhoc: Implenia AG / Strategic management decisions / Implenia rejects Laxey´s takeover offer

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
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05.12.2007

Laxey´s offer disadvantages other shareholders and damages the
company

Dietlikon, 5 December, 2007 - The Board of Directors of Swiss
construction services company Implenia announced in a report
published today that it has decided unanimously to reject the
takeover offer made by UK finance company Laxey Partners. This offer
is in the interests of neither the shareholders nor the company
itself. The Board of Directors recommends, therefore, that all
shareholders ignore the offer and refuse to make their shares
available to Laxey.

The Board is convinced that its own strategy will generate
considerably more value for shareholders in the medium and long term
than Laxey is offering. Once the British finance company Laxey
Partners crossed the threshold of 33?% of Implenia´s capital, it made
a takeover offer to Implenia´s shareholders on 5 November 2007 of CHF
33.23 per share. This is clearly just a ruse, since the price offered
was 8% below the market price at the time the offer was made, and
even Laxey itself has implied that it does not expect to buy any
shares at this price.

Laxey´s conduct in recent months has repeatedly demonstrated that its
sole aim is to increase its shareholding and then sell this enlarged
stake on at a premium. Other shareholders stand to lose out because
they would be excluded from such a premium.

The Board of Directors believes that accepting Laxey´s offer would do
considerable damage to Implenia´s integrated business model, which
encompasses all the steps from initial purchase of a plot, to
construction, to subsequent maintenance of the buildings. Because of
the "Lex Koller" law, Implenia can only engage in the property
development business if it is a Swiss-controlled company. If Implenia
were to become foreign-controlled, it would have to drop important
parts of its business which in the past have generated 15-20% of
EBIT. This would have the effect of destroying shareholder value.

The Board is convinced that the current strategy of pursuing an
integrated business model promises a bright future for shareholders,
employees and clients. It firmly believes that in the medium and long
term Implenia´s share price will be much more attractive than the
price offered by Laxey.

end of announcement euro adhoc 05.12.2007 06:55:00
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ots Originaltext: Implenia AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Hirzel.Neef.Schmid.Konsulenten
Aloys Hirzel
Tel. +41 43 344 42 42

Branche: Building materials
ISIN: CH0023868554
WKN: 2386855
Index: SPI, SSCI, SPIEX
Börsen: SWX Swiss Exchange / official market


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