Joyou AG / Key word(s): Offer 26.09.2013 14:23 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Joyou AG: Change of major shareholder leads to intended public takeover offer Hamburg, September 26, 2013. Joyou AG has today been informed by its major shareholder, Grohe Group S.à r.l. ('Grohe Group') of the following: * The major shareholder of Grohe Group, Glacier Luxembourg One S.à r.l. ('Glacier'), intends to enter into an agreement today with Lixil Corporation ('Lixil') and Development Bank of Japan ('DBJ') in relation to the sale of the 87.5% equity interest held by Glacier in Grohe Group to Lixil and DBJ. Lixil and DBJ will acquire Grohe Group through a jointly owned entity of which each party will own a 50% voting interest ('GraceB S.à r.l.'). Messrs. Cai Jianshe and Cai Jilin will for the time being retain their shareholding of 12.5% in Grohe Group via their holding company Cai GmbH. * Grohe Group's current management team will largely remain in place. In particular, David J Haines, Chief Executive Officer of Grohe Group, will remain in this position. Lixil and DBJ will have seats on the Supervisory Board of Grohe Group. * Joyou AG will remain independent within the Lixil Corporation. In particular there are no intentions for a delisting of Joyou AG. Joyou AG's management team will remain in place. * As a consequence of the transaction, GraceB S.à r.l. today intends to announce its decision in accordance with Section 10 of the German Securities Acquisition and Takeover Act ('Takeover Act' - WpÜG) to make a voluntary public takeover offer (freiwilliges öffentliches Übernahmeangebot) to all shareholders of Joyou AG for the acquisition of their shares. GraceB S.a r.l. intends to offer to the shareholders of Joyou AG a cash consideration in the amount of the statutory minimum price pursuant to section 31 para. 1 of the Takeover Act. According to the Takeover Act, the Acquisition Vehicle has to submit an offer document (Angebotsunterlage) to the German Securities Supervisory Authority (BaFin) within four weeks. The offer document will be published after BaFin's approval at http://www.grace-offer.com. Once published, the Management Board and the Supervisory Board of Joyou AG will review the offer document and issue a statement in accordance with Section 27 of the Takeover Act to the shareholders of Joyou AG in due time. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: About Joyou Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces and mainly sells products for the entire bathroom solution in China under its brand name 'Joyou' and is also engaged as a OEM/ODM-manufacturer for international brands and trading companies in the United States and Europe as well as other emerging markets. In 2011 Joyou was one of the leading single-brand manufacturers of bathroom, and other faucets in China in terms of revenues (according to BSRIA's China Bathroom Study 2011). Joyou has established an extensive distribution network in China with over 4,000 retail points of sales as of 31 December2012. Joyou's operating facilities are based in Nan'an near Quanzhou in Fujian Province in China. Joyou mainly sells under its own brand nameand has the following nine product groups in its business portfolio: Bathroom Faucets, Kitchen Products, Shower Products, Ceramics and Bathtubs, Bathroom Cabinets, Bathroom Accessories, Other Faucets and Sanitary Hardware, Copper and Semi-Finished Components, GroheProducts. In 2012, Joyou realised group revenues of 329.6 million Euros, an operating profit (EBIT) of 50.8 million Euros and a net profit of 39.8 million Euros. For further information, please contact: Joyou AG Winterstraße 4-8 22765 Hamburg Ian M. Oades, tel.: +86-595-8618 8887, [email protected] Kirchhoff Consult AG Jens Hecht, tel.: +49 40 60 91 86 0, [email protected] or visit the company website at: http://www.joyou.com Disclaimer concerning prognoses This communication contains forward-looking statements. Forward-looking statements are statements that are not historical facts instead they reflect Joyou's current views and expectations and the assumptions underlying them about future events. Forward-looking statements are subject to many risks and uncertainties. If any of such risks and uncertainties materialise or if the assumptions underlying any of Joyou's forward-looking statements are proving to be incorrect, Joyou's actual results may be materially different from those expressed or implied by such forward-looking statements. Joyou does not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. 26.09.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Joyou AG Winterstraße 4-8 22765 Hamburg Germany Phone: Fax: E-mail: [email protected] Internet: www.joyou.de ISIN: DE000A0WMLD8 WKN: A0WMLD Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------