Britvic plc Termination of discussions with A.G. BARR p.l.c (1546J)
11 Juli 2013 - 5:14PM
UK Regulatory
TIDMBVIC TIDMBAG
RNS Number : 1546J
Britvic 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 OF SUCH
JURISDICTION.
For Immediate Release
11 July 2013
Britvic plc
Termination of discussions with A.G. BARR p.l.c ("AG Barr")
The Board of Britvic and its advisors have had a number of
discussions with AG Barr and its representatives concerning a
possible merger, following the Competition Commission's clearance
received on Tuesday, 9 July 2013. Britvic received a new proposal
from AG Barr for a merger with a ratio of 65% Britvic 35% A G Barr,
which represented only a small improvement on the previous terms as
announced on 14 November 2012 and was at a considerable discount to
the current market capitalisation ratios of the two companies. The
Board of Britvic therefore rejected the proposal and has agreed
with AG Barr to terminate discussions.
Britvic's Chairman Gerald Corbett said "Under Simon Litherland's
leadership, our performance has significantly improved and this,
combined with the GBP30 million cost reduction plan and
accelerating international expansion, means that our future is
bright. The execution and delivery of this is now the absolute
priority of the Britvic team. We wish Barr and its management team
well. They are good people with a fine business."
In accordance with Rule 2.8 of the Takeover Code, AG Barr has
today issued a statement confirming that it does not intend to make
an offer for Britvic.
As required by Note 3 of Rule 2.5 of the Takeover Code, Britvic
confirms that this announcement is being made without the prior
agreement or approval of A.G. Barr.
Enquiries
Britvic plc
Gerald Corbett +44 (0) 1442 284330
Simon Litherland
John Gibney
Rupen Shah
Steve Nightingale
Citigroup Global Markets Limited (joint financial adviser and
joint broker to Britvic)
David Wormsley +44 (0) 207 986 4000
Jan Skarbek
Andrew Seaton
Nomura International plc (joint financial adviser and joint
broker to Britvic)
Ed Matthews +44(0) 207 521 2000
Nicholas Marren
Brunswick (PR adviser to Britvic)
Mike Smith +44(0) 207 404 5959
Nick Cosgrove
Important Information
Citigroup Global Markets Limited, which is authorised and
regulated in the United Kingdom by the FCA, is acting exclusively
for Britvic and for no-one else in connection with the possible
merger and will not be responsible to anyone other than Britvic for
providing the protections afforded to its clients or for providing
advice in connection with the matters set out in this
announcement.
Nomura International plc, which conducts its UK investment
banking business as Nomura, is authorised and regulated in the
United Kingdom by the FCA and is acting as joint broker and joint
financial adviser to Britvic and for no-one else in connection with
the possible merger. Nomura will not be responsible to anyone other
than Britvic for providing the protection afforded to its clients
or for providing advice in connection with the matters set out in
this announcement.
This announcement is for information purposes only and is not
intended to and does not constitute, or form part of, an offer,
invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of any
securities, or the solicitation of any vote or approval in any
jurisdiction.
A copy of this announcement will be made available, free of
charge, subject to certain restrictions relating to persons
resident in restricted jurisdictions, on Britvic's website at
http://ir.britvic.comby no later than noon (London time) on the day
following the date of this announcement. For the avoidance of
doubt, the contents of those websites are not incorporated into and
do not form part of this announcement.
You may request a hard copy of this announcement by contacting
the Company Secretary of Britvic at
company.secretariat@britvic.co.uk (or on +44(0)1442 284411) or by
writing to Britvic plc, Breakspear Park, Breakspear Way, Hemel
Hempstead, HP2 4TZ. You may also request that all future documents,
announcements and information to be sent to you in relation to the
possible merger should be in hard copy form.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUBUMUPWGAG
Britvic (LSE:BVIC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Britvic (LSE:BVIC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024