Barr(A.G.) PLC Statement of intention not to make an offer (1450J)
11 Juli 2013 - 4:03PM
UK Regulatory
TIDMBAG TIDMBVIC
RNS Number : 1450J
Barr(A.G.) PLC
11 July 2013
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 THAT
JURISDICTION
FOR IMMEDIATE RELEASE 11 July 2013
A.G. BARR p.l.c.
STATEMENT OF INTENTION NOT TO MAKE AN OFFER UNDER RULE 2.8 OF
THE CITY CODE ON TAKEOVERS AND MERGERS
A.G. BARR p.l.c. ("A.G. Barr") announces today that, following
the final decision of the Competition Commission, published on 9
July 2013, to clear the merger of A.G. Barr and Britvic plc
("Britvic"), it made a revised proposal to the Board of Britvic for
an all share merger of the two companies. This proposal was for an
offer on more favourable terms for Britvic shareholders than the
offer recommended by the respective Boards and subsequently
approved by the A.G. Barr and Britvic shareholders in January
2013.
The Board of Britvic has rejected this proposal. As a result
A.G. Barr confirms that it does not intend to make an offer for
Britvic.
A.G. Barr Chairman, Ronnie Hanna, commented, "While we are
disappointed that the opportunity to create significant value for
both sets of shareholders has been rejected, the Board of A.G. Barr
has every reason to be confident of its position as a stand-alone
company. A.G. Barr continues to outperform the UK soft drinks
market and will follow its successful long term strategy supported
by a strong balance sheet, unique brands and a well invested asset
base."
As a result of this announcement A.G. Barr is bound by the
restrictions in Rule 2.8 of the City Code on Takeovers and Mergers
(the "Takeover Code"). For the purposes of Rule 2.8, A.G. Barr
reserves the right to announce an offer or possible offer for
Britvic plc or make or participate in an offer or possible offer
for Britvic plc and/or take any other action otherwise precluded
under Rule 2.8 of the Takeover Code within six months of the date
of this announcement in the circumstances described in note 2 to
Rule 2.8 of the Takeover Code.
A copy of this announcement will be available at
www.agbarr.co.uk.
The content of the website referred to in this announcement is
not incorporated into and does not form part of this
announcement.
Enquiries
Rothschild (financial adviser to A.G. Barr) +44 (0) 207 280
5000
Akeel Sachak
Stuart Vincent
Manfredi Corsini
Rothschild, which is authorised by the Prudential Regulation
Authority and regulated in the United Kingdom by the Financial
Conduct Authority and the Prudential Regulation Authority, is
acting exclusively for AG Barr and no one else in connection with
the subject matter of this announcement and will not be responsible
to anyone other than A.G. Barr for providing the protections
afforded to clients of Rothschild or for providing advice in
relation to the subject matter of this announcement or any other
matters referred to in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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