Velcro shareholders ordered to transfer shares to majority shareholder

By Lisa Kerner

Charlotte, N.C., April 9 - A court in the Netherlands Antilles has ordered that shareholders of Velcro Industries NV transfer their shares to Cohere Ltd. in exchange for payment of $21 per share by Cohere, Velcro announced on Thursday.

Cohere, then the record holder of more that 95% of Velcro's common shares, filed a petition in September 2008 to compel the transfer of the remaining Velcro shares it did not own, according to a Velcro news release.

Velcro said no determination has been made as to when Velcro's common shares will cease trading on Nasdaq.

In February, Velcro accepted for payment a total of 478,232 shares validly tendered in the company's cash tender offer that began Jan. 7.

As a result, approximately 2.5%, or 684,750 shares, of Velcro's outstanding common stock were held by shareholders other than Cohere.

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

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