24 Mar 2017 15:24
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
THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS
FOR IMMEDIATE RELEASE
24 March 2017
Recommended Cash Acquisition of Punch Taverns plc ("Punch") by Vine Acquisitions Limited (the "Transaction")
Punch today provides an update on the timetable for the Transaction.
Following shareholder approval on 10 February 2017, completion of the Transaction remains subject to the satisfaction (or, if capable, waiver) of the remaining Conditions set out in the scheme document published on 17 January 2017 (the "Scheme Document"), including the requisite merger control clearance being obtained from the CMA.
On 20 February 2017, the CMA announced its intention to extend the deadline for its Phase 1 decision by stopping the clock on its review period. Following constructive engagement between the CMA, Punch and Heineken, the CMA has confirmed today that the clock restarted on 22 March 2017, and that this deadline has been extended from 24 April 2017 to 29 May 2017. As a consequence, the Board now expects the Transaction to become effective before the end of August 2017.
Terms used but not defined in this announcement have the same meaning as set out in the Scheme Document.
Enquiries
Punch Taverns plc Stephen Billingham, Chairman Duncan Garrood, Chief Executive Officer Steve Dando, Chief Financial Officer | Tel: +44 1283 501 948 |
Goldman Sachs International Nick Harper Chris Emmerson | Tel: +44 20 7774 1000 |
Brunswick Group LLP Jonathan Glass Joe Shipley | Tel: +44 20 7404 5959 |
Important notices
Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Punch and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Punch for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in relation to the matters referred to in this announcement.
Publication of this announcement
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at www.punchtavernsplc.com, by no later than 12 noon (London time) on the Business Day following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.