The Management Committee of Automotive Components Europe SA (the 'Company') herby informs that on November 20, 2015 the Board of the Directors of the Company received a copy of the letter signed on behalf of the following pension funds:
a) Otwarty Fundusz Emerytalny PZU Złota Jesień,
b) Aviva Otwarty Fundusz Emerytalny Aviva BZWBK,
c) Nationalev Nederlanden Otwarty Fundusz Emerytalny and
d) Nordea Otwarty Fudusz Emerytalny
(each the 'Fund' and jointly the 'Funds')
addressed to GRUPO INDUSTRIAL SALTILLO, S.A.B. de C.C., the offeror in the tender offer for the shares of the Company announced on October 27, 2015 (hereinafter, respectively, the 'Offeror' and the 'Tender Offer'), in which the Funds state that following the analysis of the content of the Tender Offer, including without limitation the price for the shares of the Company offered in the Offer, as well as the reasoned statement of the Board of Directors of the Company dated November 12, 2015, the Funds share the position of the Board of Directors that it is in the interests of the Company to acquire a strong and stable strategic investor such as the Offeror and taking into account the content of the Tender Offer, the intended transaction should enable the continued growth of the Company while an integration with a strategic investor should also provide the Company with access to additional sources of financing or reFfinancing necessary for the implementation of its longFterm strategy.
The Funds informed also that, on the other hand, they consider that the price for the shares of the Company proposed in the Tender Offer does not reflect the fair value of Company's shares and therefore, each Fund separately represents to the Offeror and undertakes towards the other Funds that it will not sell the shares of the Company in reply to the Tender Offer in consideration for that price. As stated in the said letter, the Funds made no other commitments or undertakings towards each other.
Zarząd Automotiv
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