Sept. 14 (Bloomberg) -- BWT AG, an Austrian maker of water-purification equipment, said the private trust controlled by Chief Executive Officer Andreas Weissenbacher is making a mandatory takeover offer that values the company at 285 million euros ($371 million).
The WAB Privatstiftung trust along with affiliated companies owns 28.2 percent of shares, which corresponds with more than 30 percent of voting rights and therefore triggers the offer, the Mondsee, Austria-based company said today in a statement.
The offer price will be 16 euros a share, a 14 percent premium over yesterday’s close. BWT rose 14 percent to 16 euros at the 5:30 p.m. close of Vienna trading, its highest level since August 2011 and the most since August 2009. BWT has advanced 23 percent this year.
BWT, which stands for “best water technology,” was founded in 1823 and has been listed on the Vienna Exchange since 1992. Its water equipment, primarily for homes and hotels, treats everything from drinking to swimming pool water.
CEO Weissenbacher, who also owns a 37 percent stake in WMF Wuerttembergische Metallwarenfabrik AG, a German maker of hotel coffee machines and kitchen utensils, told Austria Press Agency today that he didn’t plan to delist the company.
To contact the reporter on this story: Zoe Schneeweiss in Vienna at firstname.lastname@example.org