Gagfah SA Makes EUR 75 Million Buy-Back Tender Offer to Shareholder to Purchase Their Shares

GAGFAH S.A. (GAGFAH) announced that it has resolved to make a cash tender offer for shares in the Company with a maximum aggregate purchase price of EUR 75 million. The offer will be made in the form of a modified Dutch auction tender offer with an offer price range between EUR 3.50 per share and EUR 5.00 per share. The offer price, which will be the same for all shares, will be calculated on the basis of the total number of tendered shares and the prices within the offer price range specified by the shareholders and will correspond to the lowest price which allows GAGFAH S.A. to purchase shares of up to EUR 75 million in value. Save for any extensions, the acceptance period starts on September 6, 2011 and ends on October 4, 2011. GAGFAH S.A. reserves certain rights to amend the offer, e.g. to increase the volume of the offer or the minimum offer price of initially EUR 3.50 and/or the maximum offer price of initially EUR 5.00. Fortress named funds advised by Fortress Investment Group LLC which are shareholders of GAGFAH S.A. have undertaken not to accept the offer for shares held by them.