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Angebotsunterlage

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Angebotsunterlage Pflichtveröffentlichung nach § 34 i.V.m. § 14 Abs. 2 und 3 Wertpapiererwerbs- und Übernahmegesetz (WpÜG) Aktionäre der Joyou AG, insbesondere mit Wohnsitz, Sitz oder gewöhnlichem Aufenthalt außerhalb der Bundesrepublik Deutschland, sollten die Hinweise in Abschnitt I.1 (S. 6), "Allgemeine Hinweise für Aktionäre" beachten. Angebotsunterlage Freiwilliges Öffentliches Übernahmeangebot (Barangebot) der Grohe Asia AG Feldmühleplatz 15 40545 Düsseldorf an die Aktionäre der Joyou AG Westhafenplatz 1 60327 Frankfurt am Main zum Erwerb ihrer Aktien der Joyou AG gegen eine Geldleistung in Höhe von EUR 13,50 je Aktie Annahmefrist: 28. März 2011 bis 9. Mai 2011, 24.00 Uhr (mitteleuropäischer Sommerzeit) Aktien der Joyou AG: ISIN DE000A0WMLD8 (WKN A0WMLD) Zum Verkauf eingereichte Aktien der Joyou AG: ISIN DE000A1KRNH7 EUW_ACTIVE:\38173628\17\50805.0017 Inhaltsverzeichnis 1. Allgemeine Hinweise zur Durchführung des Übernahmeangebots..............................6 1.1 Durchführung des Übernahmeangebots nach den Vorschriften des deutschen Wertpapiererwerbs- und Übernahmegesetzes ............................................. 6 1.2 Veröffentlichung der Entscheidung zur Abgabe des Angebots .................................... 6 1.3 Veröffentlichung und Verbreitung der Angebotsunterlage .......................................... 6 1.4 Verbreitung der Angebotsunterlage durch Dritte ......................................................... 7 1.5 Annahme des Angebots außerhalb der Bundesrepublik Deutschland......................... 7 2. Hinweise zu den in der Angebotsunterlage enthaltenen Angaben................................8 2.1 Stand der Quellen der in der Angebotsunterlage enthaltenen Angaben ..................... 8 2.2 Zukunftsgerichtete Aussagen ........................................................................................... 8 2.3 Keine Aktualisierung ........................................................................................................ 9 2.4 Keine Ermächtigung Dritter zu Aussagen ...................................................................... 9 2.5 Bankarbeitstag................................................................................................................... 9 3. Zusammenfassung des Angebots ..................................................................................... 9 4. Übernahmeangebot ......................................................................................................... 11 4.1 Gegenstand....................................................................................................................... 11 4.2 Annahmefrist ...................................................................................................................11 4.3 Verlängerungen der Annahmefrist................................................................................ 12 4.3.1 Annahmefrist bei Änderung des Übernahmeangebots...................................................... 12 4.3.2 Annahmefrist bei konkurrierenden Angeboten ................................................................. 12 4.3.3 Annahmefrist bei einberufener Hauptversammlung ......................................................... 12 4.3.4 Weitere Annahmefrist gemäß § 16 Abs. 2 WpÜG............................................................12 5. Bieterin .............................................................................................................................13 5.1 Beschreibung der Bieterin ..............................................................................................13 5.1.1 Organe der Bieterin ........................................................................................................... 14 5.1.2 Geschäftstätigkeit .............................................................................................................. 14 5.1.3 Beteiligungen an der Bieterin............................................................................................14 5.2 Mit der Bieterin gemeinsam handelnde Personen........................................................ 17 5.3 Von der Bieterin und den mit ihr Gemeinsam Handelnden Personen (einschließlich ihrer Tochtergesellschaften) gehaltene Joyou-Aktien und diesen zuzurechnende Stimmrechte aus Joyou-Aktien................................................ 17 5.3.1 Gehaltene Joyou-Aktien ....................................................................................................17 5.3.2 Zuzurechnende Stimmrechte aus Joyou-Aktien................................................................17 5.4 Beschreibung der Grohe Holding GmbH ..................................................................... 20 5.5 Beschreibung der TPG Partners IV, L.P., der DLJ Merchant Banking Fonds sowie von Credit Suisse ....................................................................................... 22 5.5.1 Beschreibung von TPG .....................................................................................................22 5.5.2 Beschreibung der DLJ Merchant Banking Fonds .............................................................24 5.5.3 Beschreibung von Credit Suisse........................................................................................ 25 6. Zielgesellschaft................................................................................................................. 26 6.1 Beschreibung der Zielgesellschaft.................................................................................. 26 6.1.1 Organe der Zielgesellschaft...............................................................................................27 6.1.2 Geschäftstätigkeit .............................................................................................................. 27 6.2 Mit der Zielgesellschaft Gemeinsam Handelnde Personen ......................................... 27 7. Wirtschaftlicher und strategischer Hintergrund des Übernahmeangebots .............. 28 8. Weitere Vereinbarungen mit Joyou-Aktionären.......................................................... 35 8.1 Vereinbarung, auf Grund derer die Bieterin den Abschluss eines Kauf- und Abtretungsvertrags über Joyou-Aktien verlangen kann ..................................... 35 8.2 Unwiderrufliche Verpflichtungen.................................................................................. 36 8.3 Nichtannahmeverpflichtung...........................................................................................37 EUW_ACTIVE:\38173628\17\50805.0017 2 8.4 Vollmacht Herrn Jilin Cais für Joyou-Aktien, die etwa 1,50 % des Grundkapitals und der Stimmrechte der Joyou AG entsprechen..............................38 8.5 Vollmacht Herrn Jianshe Cais für Joyou-Aktien, die etwa 20,00 % des Grundkapitals und der Stimmrechte der Joyou AG entsprechen..............................38 8.6 Vereinbarung über die Nichtausübung von Stimmrechten und das Halten von Joyou-Aktien............................................................................................................. 38 9. Absichten der Bieterin im Hinblick auf die zukünftige Geschäftstätigkeit der Joyou AG und der Bieterin...................................................................................... 39 9.1 Künftige Geschäftstätigkeit, Vermögen und Verpflichtungen.................................... 39 9.2 Vorstand und Aufsichtsrat der Bieterin und der Joyou AG ....................................... 41 9.3 Sitz, Standort wesentlicher Unternehmensteile, Arbeitnehmer und deren Vertretungen....................................................................................................................42 9.4 Mögliche Strukturmaßnahmen...................................................................................... 42 10. Gegenleistung (Angebotspreis)....................................................................................... 42 10.1 Angemessenheit des Angebotspreises ............................................................................ 42 10.1.1 Gesetzlicher Mindestwert..................................................................................................42 10.1.2 Historische Börsenkurse der Joyou-Aktie......................................................................... 43 10.1.3 Relevante Vorerwerbe und mögliche Parallel- und Nacherwerbe .................................... 44 10.2 Wirtschaftliche Angemessenheit des Angebotspreises................................................. 46 10.3 Angaben zu Geldleistungen oder anderen geldwerten Vorteilen an Organmitglieder der Joyou AG ..................................................................................... 47 10.4 Keine Anwendbarkeit von § 33b WpÜG....................................................................... 47 11. Behördliche Genehmigungen und Verfahren...............................................................47 11.1 Fusionskontrollrechtliche Verfahren ............................................................................ 47 11.2 Gestattung der Veröffentlichung der Angebotsunterlage ........................................... 48 12. Angebotsbedingungen und Verfahren........................................................................... 49 12.1 Angebotsbedingungen..................................................................................................... 49 12.1.1 Mindestannahmeschwelle ................................................................................................. 49 12.1.2 Fusionskontrollrechtliche Freigabe ..................................................................................
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