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22 Jul 2016 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
22 July 2016
OFFER
for
Sweett Group plc ("Sweett")
by
WSP Global Inc. ("WSP")
to be effected by means of a Scheme of Arrangementunder Part 26 of the Companies Act 2006
WSP has lapsed its Offer for Sweett
Further to WSP's recommended offer announcement for Sweett released on 25 May 2016 (the "Offer"), the Scheme Document dated 8 June 2016 (the "Scheme Document") and the Supplementary Circular dated 21 June 2016, WSP announces that it has lapsed its Offer.
On 24 June 2016, the boards of Sweett and Currie & Brown Holdings Limited ("Currie & Brown") announced a recommended cash offer at 42 pence per Sweet Share and the board of Sweett announced that it had withdrawn its recommendation to Sweett Shareholders to vote in favour of the Acquisition by WSP. In light of this, the Chairman of each of the Court Meeting and the General Meeting scheduled for 29 June 2016 adjourned the meetings.
On 30 June 2016, the board of WSP confirmed that its Offer of 35 pence per Sweett Share was final, and that this Offer would not be increased.
As set out in the Scheme Document, the Offer would lapse if the Court Meeting and General Meeting were not held on or before 21 July 2016 being the 22nd day after the expected date of such Meetings (the expected date in the Scheme Document for these Meetings was 29 June 2016).
Therefore as the Court Meeting and General Meeting have not been held on or before 21 July 2016, WSP, with the consent of the Takeover Panel, has lapsed its Offer.
WSP will now be subject to Rule 35.1 of the Code, save that it reserves the right, with the consent of the Takeover Panel, to approach Sweett with respect to a possible offer in the event that Currie & Brown's offer for Sweett is withdrawn, lapses or does not otherwise complete.
Capitalised terms in this announcement, unless otherwise defined, have the same meaning given to them in the Scheme Document.
Enquiries: | |
WSP Global Inc. | |
Pierre Shoiry - Chief Executive Officer Alexandre L'Heureux - Chief Financial Officer and incoming CEO Isabelle Adjahi - Vice President, Investor Relations and Corporate Communications Paul Dollin - Chief Operating Officer
| +1 (514) 340 0046 +1 (514) 340 0046 +1 (514) 340 0046
+44 (0) 20 7314 5000 |
Opus Corporate Finance LLP (WSP's Financial Adviser) | |
Malcolm Strang
| +44 (0) 20 7025 3600 |
Opus, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for WSP and no one else in connection with the Acquisition and the other matters referred to in this announcement and the Scheme Document and will not be responsible to anyone other than WSP for providing the protections afforded to clients of Opus or for providing advice in connection with the Acquisition or any matter or arrangement referred to herein.
A copy of this announcement will be available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on the investor relations section of WSP at www.wsp-pb.com by no later than 12.00 noon (London time) on the Business Day following this announcement. The contents of WSP's website nor those of any other website accessible from hyperlinks on WSP's website, are incorporated into or form part of this announcement.
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