Gilde looking to acquire TMC for €69.2m

The offer of €18.75 per share represents a 25% premium on the closing share price on 19 October 2012 and a 47% premium on the 12-month average. This is TMC's highest share price ever and values the company at €69.2m.

Gilde's offer is unanimously recommended by TMC's board of directors, which is chaired by Thijs Manders. Approval of the Dutch competition authorities, no material adverse change with respect to the company's valuation and the tender of at least 95% of shares are the binding conditions under the agreement. Shareholders owning 81% of stock have agreed to the offer so far. They include Mobion Holding, TMB Holding, Just-Us-2, Comnaar Investments, SPYN Holding and Todlin.

Any third party offer has to be at least 10% higher than Gilde's offer to be considered, in which case Gilde is allowed to make a revised offer.

TMC is a business support services company that manages the deployment of engineering and technical specialists to other company's projects. It was founded in June 2000 and has been traded on the NYSE Alternext-Euronext since 2006. Rogier van Beek is CEO and CFO of the company.

The company employs more than 500 people. Its 2011 turnover was €51m, with a current market cap of €72m.

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