28 February 2018, London. RHI Magnesita N.V. (LSE: RHIM), a global leading supplier of refractory products, systems and services, announces updated information on the Integrated Tender Offer for Magnesita Refratários S.A. ("Magnesita").
As announced by Magnesita yesterday, the Appraisal Report, prepared by BR Partners, an independent appraiser appointed by Magnesita's Shareholders Meeting held on 30 November, 2017, was made available on Magnesita's website (ri.magnesita.com). According to the Appraisal Report, the economic value of Magnesita's shares ranges between R$33.87 and R$37.25, with R$35.56 being the mid-point, calculated according to the discounted cash flow methodology, identified by BR Partners as the most adequate methodology for assessing Magnesita's shares economic value ("Economic Value").
RHI Magnesita informs there are no changes to the cash plus shares option, where for each Magnesita share RHI Magnesita has offered R$17.81 (adjusted by SELIC from the Closing Date until the date of the settlement of the auction of the Integrated Tender Offer) plus 0.1998 RHI Magnesita shares.
As of the close of trading yesterday Magnesita's shares were quoted at R$ 55.40.
RHI Magnesita will provide further updates on the progress of the Integrated Tender Offer as and when appropriate.