Brain Force Holding AG (Austria) - Jan 2008

unquote
01 January 2008

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Unternehmens Invest AG made a voluntary takeover offer through its BF Informationstechnologie- Beteiligungsgesellschaft mbH (BFIG) for Brain Force Holding AG at the end of January 2008. BFIG at that point already owned about 16% of Brain Force Holding AG. UIAG holds 49% of BFIG, and CROSS Industries holds 2%. The remaining 49% are being held by IT – Managementgesellschaft mbH & Co KG, which is held by institutional and private investors. CROSS Industries AG owns around 51% of Unternehmens Invest AG. BFIG increased its stake in Brain Force to 24.32% by 11 February 2008. On the same day, BFIG entered a contract with BEKO Holding AG (of which CROSS Holding owns 25%) which enables BFIG to use the voting rights of 5.86% of Brain Force’s shares. This contract is still, however, subject to cartel authority approval. If the contract goes through, this gives BFIG more than 30% of voting rights of Brain Forces AG, which triggers the mandatory takeover offer to the remaining shareholders under the law. The offer per share has increased from €2.30 to €2.40 between the voluntary offer and the mandatory offer. This investment signifies the start of a refocusing of UIAG towards IT, with the goal to build a central European IT Group.

Company

Brain Force Holding AG has 1,200 staff and reported a turnover of around €100m, with offices in seven European countries. It has begun a restructuring process in the last quarter of 2007. It is an IT provider focused on infrastructure, services, business solutions, industry-specific applications and outsourcing.

Sourced from: Deutsche unquote" 96 (Mar 2008)