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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aga Rangemaster | LSE:AGA | London | Ordinary Share | GB00B2QMX606 | ORD 46 7/8P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 184.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4932L Enodis PLC 02 November 2006 2 November 2006 Enodis plc Statement re Approach The Board of Enodis plc ("Enodis") notes today's share price movement and Aga Foodservice Group plc's ("Aga") announcement. Enodis confirms that it received an approach from Aga on 12 October 2006 in relation to either a nil premium all share merger or an acquisition by Aga of Enodis for no premium, the consideration being 50% in shares and 50% in cash. The Board considered these proposals on 17 October 2006 and unanimously rejected them. The Board rejected the merger proposal for the following reasons: - Enodis is a dedicated commercial food equipment company with a clear strategy, including a high focus on global chain accounts, which is delivering strong growth. - It believes that Aga's consumer appliances and retail outlets businesses (comprising approximately 57% of Aga by sales) are very different businesses to commercial food equipment. - The Board believes that the resulting diversification would lead to a significant dilution in strategic focus. The Board rejected the nil premium takeover on the basis that it significantly undervalued Enodis and its prospects. Dave McCulloch, Chief Executive Officer, commented: "Enodis and Aga are very different businesses. Through its focused strategy on commercial food equipment, Enodis has created substantial value for its shareholders over the last three years and has achieved significant organic growth momentum. As part of this focus, Enodis exited the consumer segment some time ago through the sale of Magnet and the cessation of Garland's high-end residential business. We therefore see no long term benefit for our shareholders in a merger with Aga." Contacts: Dave McCulloch, CEO Enodis plc 020 7269 7291 Andrew Lorenz/Richard Mountain Financial Dynamics 020 7269 7291 This announcement has been made without the consent of Aga. There is no certainty that any offer will be made nor as to the terms on which any offer would be made. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Aga or of Enodis, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the "offer period" ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Aga or of Enodis, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Aga or of Enodis by Aga or Enodis, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk . "Interests in securities" arise, in summary, when a person has long economic exposure, whether absolute or conditional, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END STRUUOBRNSRARAA
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