Seagram Release: European Communities Gives Regulatory Approval
COMMISSION OF THE EUROPEAN COMMUNITIES GIVES REGULATORY APPROVAL FOR SEAGRAM'S PROPOSED ACQUISITION OF POLYGRAM
MONTREAL, September 21 - The Seagram Company Ltd., Royal Philips Electronics and PolyGram N.V. announced today that the Commission of the European Communities has given regulatory approval for Seagram's proposed acquisition of PolyGram. The Commission did not impose any conditions or undertakings on its approval of the proposed transaction.
This announcement does not constitute the making of a tender offer for PolyGram shares. Seagram's obligation to commence the tender offer is subject to customary conditions, including preparation of the offering documents, obtaining necessary approvals from securities regulators, and the absence of defined materially adverse changes or events. The tender offer, which is expected to commence in October 1998 and to be completed in the fourth quarter of this year, will also be subject to several customary conditions, including that 95 percent of PolyGram's issued share capital be tendered and the absence of defined materially adverse changes or events. Offering documents, including the Notice of Offer (in Dutch: biedingsbericht), required under the applicable Dutch rules and regulations, will be made available at the time the tender offer is commenced.