Velcro shareholder seeks to acquire remaining shares of company

By Lisa Kerner

Charlotte, N.C., Sept. 2 - Cohere Ltd. asked a Netherlands court to allow it to acquire all the issued shares of Velcro Industries NV it does not already own for $21 per share or at a price determined by the court.

According to a Velcro news release, Cohere currently holds 95% of the shares of the company's common equity.

The court will set an appearance date within four months. Other Velcro shareholders of record may appear in court to oppose the petition, the release said.

Velcro's board of directors has not approved Cohere's petition to the court and is not making any recommendation to it shareholders on how to proceed regarding an offer.

Based in Curacao, Netherlands Antilles, Velcro Industries is the holding company for the Velcro companies, which manufacture hook-and-loop fasteners.

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