DGAP-Adhoc: Joyou AG: Change of major shareholder leads to intended public takeover offer

Joyou AG / Key word(s): Offer

26.09.2013 14:23

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Joyou AG: Change of major shareholder leads to intended public takeover
offer

Hamburg, September 26, 2013. Joyou AG has today been informed by its major
shareholder, Grohe Group S.à r.l. ('Grohe Group') of the following:

* The major shareholder of Grohe Group, Glacier Luxembourg One S.à r.l.
('Glacier'), intends to enter into an agreement today with Lixil
Corporation ('Lixil') and Development Bank of Japan ('DBJ') in relation to
the sale of the 87.5% equity interest held by Glacier in Grohe Group to
Lixil and DBJ. Lixil and DBJ will acquire Grohe Group through a jointly
owned entity of which each party will own a 50% voting interest ('GraceB
S.à r.l.'). Messrs. Cai Jianshe and Cai Jilin will for the time being
retain their shareholding of 12.5% in Grohe Group via their holding company
Cai GmbH.

* Grohe Group's current management team will largely remain in place. In
particular, David J Haines, Chief Executive Officer of Grohe Group, will
remain in this position. Lixil and DBJ will have seats on the Supervisory
Board of Grohe Group.

* Joyou AG will remain independent within the Lixil Corporation. In
particular there are no intentions for a delisting of Joyou AG. Joyou AG's
management team will remain in place.

* As a consequence of the transaction, GraceB S.à r.l. today intends to
announce its decision in accordance with Section 10 of the German
Securities Acquisition and Takeover Act ('Takeover Act' - WpÜG) to make a
voluntary public takeover offer (freiwilliges öffentliches
Übernahmeangebot) to all shareholders of Joyou AG for the acquisition of
their shares. GraceB S.a r.l. intends to offer to the shareholders of Joyou
AG a cash consideration in the amount of the statutory minimum price
pursuant to section 31 para. 1 of the Takeover Act. According to the
Takeover Act, the Acquisition Vehicle has to submit an offer document
(Angebotsunterlage) to the German Securities Supervisory Authority (BaFin)
within four weeks. The offer document will be published after BaFin's
approval at http://www.grace-offer.com.

Once published, the Management Board and the Supervisory Board of Joyou AG
will review the offer document and issue a statement in accordance with
Section 27 of the Takeover Act to the shareholders of Joyou AG in due time.

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Information and Explaination of the Issuer to this News:

About Joyou

Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces
and mainly sells products for the entire bathroom solution in China under
its brand name 'Joyou' and is also engaged as a OEM/ODM-manufacturer for
international brands and trading companies in the United States and Europe
as well as other emerging markets. In 2011 Joyou was one of the leading
single-brand manufacturers of bathroom, and other faucets in China in terms
of revenues (according to BSRIA's China Bathroom Study 2011). Joyou has
established an extensive distribution network in China with over 4,000
retail points of sales as of 31 December2012.

Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian
Province in China. Joyou mainly sells under its own brand nameand has the
following nine product groups in its business portfolio: Bathroom Faucets,
Kitchen Products, Shower Products, Ceramics and Bathtubs, Bathroom
Cabinets, Bathroom Accessories, Other Faucets and Sanitary Hardware, Copper
and Semi-Finished Components, GroheProducts. In 2012, Joyou realised group
revenues of 329.6 million Euros, an operating profit (EBIT) of 50.8 million
Euros and a net profit of 39.8 million Euros.

For further information, please contact:

Joyou AG
Winterstraße 4-8
22765 Hamburg
Ian M. Oades, tel.: +86-595-8618 8887, ir@joyou.net

Kirchhoff Consult AG
Jens Hecht, tel.: +49 40 60 91 86 0, jens.hecht@kirchhoff.de

or visit the company website at: http://www.joyou.com

Disclaimer concerning prognoses

This communication contains forward-looking statements. Forward-looking
statements are statements that are not historical facts instead they
reflect Joyou's current views and expectations and the assumptions
underlying them about future events. Forward-looking statements are subject
to many risks and uncertainties. If any of such risks and uncertainties
materialise or if the assumptions underlying any of Joyou's forward-looking
statements are proving to be incorrect, Joyou's actual results may be
materially different from those expressed or implied by such
forward-looking statements. Joyou does not intend or assume any obligation
to update these forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made.

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Language: English
Company: Joyou AG
Winterstraße 4-8
22765 Hamburg
Germany
Phone:
Fax:
E-mail: ir@joyou.net
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart

End of Announcement DGAP News-Service

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