GlobalData Regulatory News (DATA)

11 Jan 2008 11:45

Internet Business Group11 January 2008 11 January 2008 Internet Business Group Plc ("IBG" or the "Company") Update on Recommended TMN Acquisition Subsequent to the issue of the Scheme Document on 20 December 2007 to IBGshareholders relating to the recommended proposal for TMN Group Plc ("TMN") toacquire the entire issued and to be issued share capital of IBG by way of ashare-for-share exchange, to be effected by means of a scheme of arrangement(the "Scheme") under section 425 of the Companies Act 1985 (involving areduction of capital pursuant to section 135 of the Companies Act 1985) (the"Acquisition"), TMN issued an announcement on 7 January 2008 ("TAPPSAnnouncement") that, pursuant to the terms of a share purchase agreement (the"TAPPS Share Purchase Agreement"), it had agreed to acquire the entire issuedand to be issued share capital of TAPPS B.V., a digital direct marketing companyin The Netherlands (the "TAPPS Acquisition"). IBG has posted a document to IBG shareholders which includes a copy of the TAPPSAnnouncement and a summary of the material terms of the TAPPS Share PurchaseAgreement. The document states that the IBG Directors believe that the TAPPSAcquisition should not have a material bearing on the Acquisition or the Schemeand, therefore, the IBG Directors, who have been so advised by Strand Partners,remain of the view that the terms of the Acquisition are fair and reasonable andalso continue to endorse their recommendation contained in the Scheme Document.In providing its advice to the IBG Directors, Strand Partners has taken intoaccount the commercial assessments of the IBG Directors. The definitions used or referred to in the Scheme Document apply in thisannouncement, unless the context otherwise requires. Enquiries: Internet Business Group PlcMaziar Darvish, Chairman020 7927 8102 Strand Partners LimitedJames Harris / Braden Saunders020 7409 3494 St Helen's Capital LimitedRuari McGirr020 7628 5582 Tavistock Communications LimitedMatt Ridsdale020 7920 3150 Strand Partners, which is authorised and regulated in the United Kingdom by theFSA, is acting exclusively for IBG and no one else in connection with theAcquisition and the Scheme and will not be responsible to anyone other than IBGfor providing the protections afforded to clients of Strand Partners nor forgiving advice in relation to the Acquisition and the Scheme or any other matteror arrangement referred to in this announcement. This information is provided by RNS The company news service from the London Stock Exchange