The committee's statement was based on an assessment of a number of factors, including the Niscayah current position, the company's likely future development and related opportunities and risks.
Stanley's Offer represents a premium of approximately 16.9 percent compared to the value of the Securitas Offer, based on the closing price of SEK 64.50 for the class B shares in Securitas on NASDAQ OMX on 28 July, 2011.
"The Committee notes that Securitas current market value would have to increase by about 4.0 billion to achieve value parity with Stanley's offer, compared with Niscayah market value of approximately 4.5 billion SEK May 13, 2011 (the last trading day before the publication of Securitas Offer ) and about 6.5 billion SEK July 28, 2011 (the last trading day before the publication of this announcement), "the committee said in a statement.
When the Securitas bid for Niscayah was carried out in mid-May, Securitas CEO Alf Göransson said it was a final bid, even if a competing bid might emerge.
02/08/2011
Niscayah turns down Securitas bid
Stockkholm, Sweden
The Independent Committee of the Board of Directors of Niscayah has unanimously recommended shareholders not to accept a bid from Securitas. The question now is whether Securitas - or any other company - will choose to match the Stanley Black & Decker bid for Niscayah.
Global
