Last checked at 13 Oct 2011 11:30
13 October 2011
Piedmont Inc.
Not for release, publication or distribution in whole or in part, in, into or from the United States, Canada, Australia or Japan, or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction
Withdrawal of possible offer for Mitchells & Butlers plc ("M&B" or "the Company")
Piedmont Inc. ("Piedmont")
In response to the market movement in the price of M&B shares, Piedmont announced on 12 September 2011 that it had presented a proposal to the Board of M&B regarding a possible offer for the entire issued share capital of M&B.
After careful consideration, Piedmont has decided not to proceed with an offer for M&B.
Piedmont will remain an active and engaged shareholder in the Company.
Rule 2.8 of the Takeover Code
For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), Piedmont reserves the right to make or participate in an offer for M&B (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement:
(a) with the agreement of the board of directors of M&B;
(b) if a third party announces a firm intention to make an offer for M&B;
(c) if M&B announces a "whitewash" proposal (for the purposes of Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover; or
(d) if the Takeover Panel determines that there has been a material change of circumstances.
All Enquiries:
Maitland | +44 20 7379 5151 |
Neil Bennett |
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George Hudson |
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This announcement is made in accordance with Rule 2.8 of the Code.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities. This announcement has been prepared in accordance with English law and the Code, and information disclosed may not be the same as that which would have been prepared in accordance with laws outside of the United Kingdom.
The distribution of this announcement in jurisdictions outside of the United Kingdom may be restricted by law, and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Publication on websites
A copy of this announcement is and will be available free of charge, subject to certain restrictions relating to persons resident outside the United Kingdom, for inspection at www.piedmontincorporated.com.