Hoornaert spoke out yesterday after Agfa's share price leapt 39% to €5.65 (£4.50), following rumours that Philips might make a €9 per share offer for the Belgian company.
"Agfa-Gevaert does not know of any acquisition proposal. We are very shocked. We have not received anything in the form of a communication or piece of news," said Hoornaert.
Shares fell somewhat following Hoornaert's statement, but still closed up 24.5% at €5.06.
The news follows Agfa's appointment, in April, of German-based investment bank Lazard to conduct a strategic review of its operations, after a planned demerger of the company's three division – Graphics, Healthcare and Materials – fell through.
Agfa blamed the demerger's indefinite postponement on disappointing results, which also spurred a massive drop in its share price over the past 12 months – down 77% from a high of €19.10 to a low of €4.38.
Agfa's Hoornaert denies rumours of Philips bid
Agfa-Gevaert chief financial officer Kris Hoornaert has been forced to deny rumours that the company has received an offer from Dutch electronics company Philips.
