Aarhus sale delayed further

01/04/05 The Aarhus United sale continues to be delayed. Aarhus United A/S announced to the Copenhagen Stock Exchange yesterday that its main shareholder, United International Enterprises Ltd. (UIE), has announced a further extension of the sales process. UIE now expects it to be concluded before the end of April.

Aarhus reported that since UIE announced that it was actively seeking to divest its shares in Aarhus United, a number of potential buyers have shown great interest in acquiring Aarhus United. Based on this, the Aarhus United management has presented the company to interested, potential buyers through meetings and site visits to all of Aarhus United’s main facilities. Subsequently, a few chosen bidders have received a financial Vendor Due Diligence report prepared by our auditors KPMG. In addition, these bidders have been given access to a legal Data Room that has been established with our lawyers.

Group CEO of Aarhus United, Erik Højsholt, elaborates: “The due diligence process has a much greater scope than we anticipated in the early stages of the sales process. The potential buyers have to feel confident about what they are bidding for, and it takes time to examine a company of our size – and to understand our business.”