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© nikm dreamstime.com Electronics Production | December 21, 2012

Note rejects Lifco take-over offer

Note’s Board considers that the bid from Lifco significantly under-values Note, and that it does not reflect the company’s long-term earnings capacity.
The timing of the Offering was positive for Lifco because the Note share has been negatively affected by the continued global turmoil. Despite a bid premium of 35%, Lifco’s valuation is only at 87% of Note’s equity as of the end of the third quarter of 2012, which cannot be considered an accurate valuation of Note in any sense.

Accordingly, the Board recommends that shareholders do not accept the Offering from Lifco.

This statement is based on the unanimous view of the Board of Directors of Note.

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