Standard Industries response to Braas Monier’s Reasoned Opinion

New York/Frankfurt, October 31, 2016 — Standard Industries and its advisors have reviewed Braas Monier’s Reasoned Opinion as well as its most recent trading update.

As we have said from the outset, we believe in the undisputed industrial logic of a combination between Braas Monier and Standard Industries, a logic that is even more sound in light of Braas Monier’s recently reported sluggish results and now zero growth guidance. Together we will be stronger and better able to navigate both the challenging economic environment as well as evolving consumer preferences for flat roofs.

We remain confident that our offer of EUR 25 per share represents a compelling offer for all shareholders, particularly given the aforementioned headwinds the Company continues to face on a standalone basis. The offer represents an attractive control premium compared to the unaffected share price, is a significant premium to historical trading multiples and reflects a higher transaction multiple than the one paid in our recent Icopal acquisition. There is no minimum acceptance threshold to our offer and we look forward to closing on all tendered shares, including the approximately 40 percent of shares that sophisticated institutional investors have already committed to the offer.

Our intentions remain friendly and we continue to have tremendous respect for Braas Monier’s business, its management and its employees. We welcome constructive dialogue and the opportunity to work together going forward.


About Standard Industries

Standard Industries is a privately-held, global, diversified holding company with interests in building materials, aggregates, and related investment businesses in public equities and real estate. Founded in 1886, Standard Industries has over 15,000 employees and operations in more than 80 countries. Operating subsidiaries include: GAF, a leading North American roofing manufacturer; Braas Monier Building Group, a leading manufacturer and supplier of pitched roof products in Europe, parts of Asia and South Africa; Icopal, a leading European commercial roofing business; SGI, a leading North American aggregates and mining company supplying specialized products to the North American building materials industry; and Siplast, a provider of high-end modified bitumen membranes and liquid-applied roofing products.


European Media

Claudia Kosser
Hering Schuppener Consulting
Tel.: +49.69.9218.7458

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