|
|
RNS Number:6542S
Punch Taverns PLC
18 April 2008
NOT FOR RELEASE, DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA
PUNCH TAVERNS PLC ('Punch)
Statement regarding Mitchells & Butlers plc
On 28 March 2008, Punch withdrew its proposal for a merger with Mitchells & Butlers plc (“Mitchells & Butlers”), but stated that it had been approached by a number of third parties in relation to possible transactions involving Mitchells & Butlers and that it was assessing whether any such transaction would maximise value for Punch shareholders. Punch has concluded that pursuing any transaction with Mitchells & Butlers, including any transaction involving Punch’s managed pub business, would not be in the best interests of Punch shareholders at the current time and confirms that all such discussions have terminated.
As previously announced, Punch will report its interim results on 24 April 2008 which are anticipated to be in line with market expectations.
For the purposes of Rule 2.8 and other relevant provisions of the City Code on Takeovers and Mergers (the “Code”), Punch reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Mitchells & Butlers and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code within the next six months, in the event that:
(a) an agreement or recommendation from the board of Mitchells & Butlers is forthcoming; or
(b) there is an announcement by a third party of a firm intention to make an offer for Mitchells & Butlers or, if the current offer period of Mitchells & Butlers terminates prior to the expiry of such six month period, following such termination there is either an announcement by a third party of a possible offer for Mitchells & Butlers or Mitchells & Butlers announces that it has received an approach in relation to a possible offer from a third party; or
(c) Mitchells & Butlers announces a 'whitewash' proposal for the purposes of Rule 9 of the Code or a reverse takeover; or
(d) Mitchells & Butlers undertakes or announces an intention to undertake any acquisition, disposal, merger, joint venture, scheme of arrangement or other transaction involving in any such case a material amount (as defined in Note 2 on Rule 21.1 of the Code); or
(e) Mitchells & Butlers undertakes or announces an intention to undertake any capital raising or return of value of an amount in either such case exceeding 10 per cent of the current equity share capital or a material debt restructuring of Mitchells & Butlers; or
(f) there is a change in the executive directors of Mitchells & Butlers; or
(g) there is a material change of circumstances.
For further information, please contact:
Goldman Sachs International
Richard Campbell-Breeden
Anthony Gutman
Phil Raper (Corporate Broking)
Tel: +44 20 7774 1000
Morgan Stanley & Co. Limited
Gavin MacDonald
Simon Smith
Tim Pratelli (Corporate Broking)
Tel: +44 20 7425 8000
College Hill Associates
Justine Warren
Matthew Smallwood
Tel: +44 20 7457 2020
Brunswick
Fiona Antcliffe
Simon Sporborg
Tel: +44 20 7404 5959
Goldman Sachs International is acting exclusively for Punch and no-one else in connection with a possible transaction with Mitchells & Butlers and will not be responsible to anyone other than Punch for providing the protections afforded to clients of Goldman Sachs International nor for providing advice in relation to any such possible transaction.
Morgan Stanley & Co. Limited is acting exclusively for Punch and no-one else in connection with a possible transaction with Mitchells & Butlers and will not be responsible to anyone other than Punch for providing the protections afforded to clients of Morgan Stanley & Co. Limited nor for providing advice in relation to any such possible transaction.
Ends |
|
|
|
|
|