happy days and more20 Mar 2018 11:27
Mon 19 Mar 2018 17:14
RNS Number : 2031I
Cie. Generale des �tab. Michelin
19 March 2018
OFFER FOR FENNER PLC
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Not for release, publication or distribution, in whole or in part, in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction
19 March 2018
RECOMMENDED CASH ACQUISITION
of
FENNER PLC
by
COMPAGNIE G�N�RALE DES �TABLISSEMENTS MICHELIN SCA
Summary
� Compagnie G�n�rale des �tablissements Michelin SCA ("Michelin") and Fenner plc ("Fenner") announce that they have reached agreement on the terms of a recommended cash acquisition by which the entire issued and to be issued ordinary share capital of Fenner will be acquired by Michelin. It is intended that the Acquisition will be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
� Under the terms of the Acquisition, each Scheme Shareholder will receive 610 pence in cash for each Fenner Share, valuing Fenner's existing issued and to be issued ordinary share capital at approximately �1.2 billion.
� In addition, Fenner Shareholders will be entitled to receive and retain a proposed interim dividend of no more than 2.1 pence per Fenner Share to be declared on or around 25 April 2018, payable to Fenner Shareholders (by reference to a record date to be announced at the time of that declaration) ahead of the completion of the Acquisition (the "Interim Dividend").
� The price of 610 pence per Fenner Share represents a premium of 30.7 per cent. to Fenner's share price of 467 pence at the close of business on 16 March 2018, the last business day before this announcement, and a premium of 32.8 per cent. to the volume weighted average of Fenner's share price over the three months prior to this announcement (459 pence).