Michelmersh Brick Holdings Regulatory News (MBH)

15 Jun 2007 11:52

Michelmersh Brick Holdings PLC15 June 2007 Michelmersh Brick Holdings plc ("Michelmersh") Statement regarding Baggeridge Brick PLC The Board of Michelmersh has noted the announcement earlier today byWienerberger Finance Service B.V ("Wienerberger") of its further increased offerfor Baggeridge Brick PLC ("Baggeridge") which Wienerberger expects to bedeclared wholly unconditional upon completion of the acquisition of 13,236,336Baggeridge shares due to be acquired by Wienerberger on 28 June 2007. The Board of Michelmersh had announced on 4 June 2007 that it was continuing toevaluate a possible offer for Baggeridge at a price of not less than 225 penceper share. The Board of Michelmersh now confirms that it will not be proceedingwith an offer for Baggeridge. Eric Gadsden, Chairman of Michelmersh, commented: "The final offer price of 247pence per Baggeridge share offered by Wienerberger confirms our view that theinitial offer by Wienerberger of 211.65 pence per Baggeridge share significantlyundervalued the inherent value within Baggeridge. The subsequent offers byWienerberger of 220 pence and 230 pence per Baggeridge share continued to fallshort of representing full value for Baggeridge shareholders." Michelmersh is currently considering its position in respect of its 23.12 percent. shareholding in Baggeridge, acquired at an average price of 214.8 penceper share. Enquiries: Charles Stanley Securities 020 7149 6000Russell CookAnthony Noakes Tavistock Communications 020 7920 3150Jeremy CareyRichard Sunderland This information is provided by RNS The company news service from the London Stock Exchange