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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
VT Group | LSE:VTG | London | Ordinary Share | GB0031729733 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 795.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVTG TIDMMCHL RNS Number : 0630I VT GROUP PLC 04 March 2010 +----------------------------+----------------------------------+----------+ | NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, | | INTO OR FROM ANY JURISDICTION (INCLUDING THE UNITED STATES) WHERE TO DO | | SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF | | THAT JURISDICTION | +--------------------------------------------------------------------------+ | | +--------------------------------------------------------------------------+ | 4 March 2010 | | +----------------------------+---------------------------------------------+ | | +--------------------------------------------------------------------------+ | FOR IMMEDIATE RELEASE | | | | | | | +----------------------------+----------------------------------+----------+ | VT Group plc - Announcement re Mouchel | +--------------------------------------------------------------------------+ | | +--------------------------------------------------------------------------+ | | +----------------------------+----------------------------------+----------+ On 15 February 2010, VT Group plc ("VT" or the "Company") confirmed that it had made a final proposal (the "Final Proposal") to Mouchel Group plc ("Mouchel") regarding a possible offer for Mouchel and that it was looking to enter constructive discussions on the basis of the Final Proposal. As previously stated, the Final Proposal was conditional inter alia on the completion of satisfactory due diligence. To date, Mouchel has not engaged with VT. On 22 January 2010, the Takeover Panel issued a deadline of 8 March 2010 by which VT must decide whether to announce a firm intention to make an offer for Mouchel. On 15 February 2010, Babcock International Group plc ("Babcock") announced that it had made a preliminary approach regarding a possible offer for VT. In view of there being no engagement with Mouchel at this time, and the interest of Babcock in VT, the Board of VT has decided not to make an offer for Mouchel at this point. The Board of VT continues to believe that an acquisition of Mouchel would create significant value for both Mouchel and VT shareholders. An acquisition would be firmly aligned with the successful strategy VT has pursued over the last five years of developing a broader based support services business, would result in cost synergies that naturally result from a combination of two businesses of the scale of VT and Mouchel and would be significantly earnings enhancing, and value creating, in the first full year of ownership on the basis of the terms of the Final Proposal1. The Board of VT hopes that, as and when circumstances change, the Board of Mouchel would wish to enter discussions regarding a proposal that adds value for both sets of shareholders. For the purposes of Rule 2.8 of the Code, VT reserves the right to announce a possible offer or offer for Mouchel and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the event that: a) there is a material change in circumstance; or b) the board of directors of Mouchel agrees to the making of such an announcement or the taking of such action; or c) an offer for Mouchel by a third party is announced; or d) a whitewash proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 in the Code) or a reverse takeover (as described in Note 2 to Rule 3.2 of the Code) is announced in respect of Mouchel. Notes: 1. Nothing in this announcement is intended to be a profit forecast and the statements in this announcement should not be interpreted to mean that the earnings per share for the current or future financial periods will necessarily be greater than those for the relevant preceding financial period. This information is provided by RNS The company news service from the London Stock Exchange END MSCEAADDELKEEAF
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