Dutch M&A Market Overview

1. MARKET OVERVIEW

1.1 Please give a brief overview of the public M&A market in your jurisdiction

The Dutch public M&A market has been relatively quiet in 2011. Takeover activity has still not been restored to pre-financial crisis levels. Uncertainty about the fate of the euro and financial markets, as well as reduced availability of credit, has made potential bidders hesitant. At the same time, depressed share price levels have enabled some bidders to offer significant premiums while still paying relatively low multiples.

The bulk of public takeovers comprise friendly deals, a combined result of bidders generally preferring cooperation by target management and the ability of many Dutch listed companies to protect against hostile bids by taking defensive measures. Still, hostile bids are made from time to time, such as the recent unsolicited offer by Mexichem for tube manufacturer Wavin. Bidding contests are also witnessed occasionally, the 2007 contest for