Rhein-Biotech, Squeeze-Out-Spekulation

DGAP-Ad hoc: Rhein Biotech N.V.  

19:37 16.11.06  

Ad hoc announcement §15 WpHG

Merger

Rhein Biotech N.V.: Merger with Crucell

Ad hoc announcement transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE

Rhein Biotech N.V. proposes to legally merge with Crucell

Rhein Biotech N.V. shares to be delisted and to be exchanged for Crucell
N.V. shares

Maastricht, The Netherlands, November 16, 2006 – Rhein Biotech N.V.
(Frankfurt, Geregelter Markt: RBO) today announced the proposal to legally
merge Rhein Biotech N.V. with Crucell. Shareholders of Rhein Biotech N.V.
will in exchange for each share in Rhein Biotech N.V. receive 1.158 shares
in Crucell N.V. The exchange ratio is based on a value of the Rhein Biotech
N.V. shares of EUR 21.48 per share, which is approximately 85% above the
last trading price of EUR 11.60.

Ownership of Rhein Biotech N.V. is currently divided between Berna Biotech
AG in Switzerland (itself fully owned by Crucell N.V.), with a 92.7%
holding, and other shareholders, who hold the remaining 7.3% of Rhein
Biotech N.V. shares. Rhein Biotech N.V. will legally merge into a
subsidiary of Crucell N.V., with Crucell N.V. issuing shares.

The reason for preparing the delisting of Rhein Biotech N.V. from the
Frankfurt stock exchange is to create administrative cost savings and to
reduce publication requirements of the Frankfurt stock exchange. A further
advantage is that the current Rhein Biotech N.V. shareholders shall obtain
Crucell N.V. shares listed on Euronext Amsterdam, which are readily