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RHÖN-KLINIKUM AG | 06/29/2012

Statement by RHÖN-KLINIKUM AG on the failure of the Fresenius offer

  • The supervisory board and the board of management regret the fact that the takeover offer has failed
  • A great opportunity to jointly shape the health services market in Germany has been missed
  • RHÖN-KLINIKUM AG will pursue its active role in the consolidation of the hospitals market
  • The takeover process is expected to have a negative impact on RHÖN-KLINIKUM AG’s earnings statement

The takeover offer made by Fresenius SE & Co. KGaA for RHÖN-KLINIKUM AG failed despite a high acceptance level of 84,3 per cent. The supervisory board and the board of management regret that. "A great opportunity to jointly shape the health services market in Germany has been missed in the first instance", said Eugen Münch, chairman of the supervisory board. "The merger would have opened up new opportunities to all those involved. Together Rhön-Klinikum and Helios would have been able to develop comprehensive solutions across all health care services. Because we are convinced that such changes are appropriate, we will continue to work on the realisation of models of this kind in the future. On the other hand, all positions are now known and because nothing has changed in the underlying conditions which justify the merger, we believe that new solutions will be put forward in the near future."

Wolfgang Pföhler, chairman of the board of management of the RHÖN-KLINIKUM AG, said that strategically the offer had been a logical one, adding: "However, we must now look to the future and analyse how we can pursue our active role in the consolidation of the hospitals market. The market has started to move and we are in the fortunate position of being strong enough to play an active part in this exercise. At the same time it goes without saying that meeting our responsibilities towards our patients, the workforce and our shareholders will continue to be our top priority."

On 26 April 2012 Fresenius had announced its intention to present the shareholders of RHÖN-KLINIKUM AG a public offer to take over all outstanding shares in the company. This voluntary public takeover offer has led to extraordinary expenditure on the part of RHÖN-KLINIKUM AG in the form of consultancy costs. In addition, the public takeover offer temporarily led to insecurity among our patients, our workforce and our business associates at certain locations of the company. Management capacities were tied down to a significant extent and there were delays in setting our own strategic course – with the corresponding impact on the development of the operational business. It is not yet possible to calculate the exact level of the extraordinary costs generated by the takeover offer. Concrete details of its impact on the assets, finances and earnings of the RHÖN-KLINIKUM AG should be available by the half-year financial report to be published on 30 June 2012.