Statement re: Put up or shut up deadline

 

TIDMVTG TIDMBAB 
 
RNS Number : 8729H 
Takeover Panel 
01 March 2010 
 
2010/8 
 
                               THE TAKEOVER PANEL 
VT GROUP PLC ("VT") 
BABCOCK INTERNATIONAL GROUP PLC ("BABCOCK") 
Following recent representations made by the advisers to VT, the Panel Executive 
has been considering the application of Rule 2.4(b) of the Code to the 
announcement made by Babcock, on 15 February 2010, in which it confirmed that it 
had made an approach to the Board of VT with an indicative proposal and that 
this proposal had been rejected. The announcement outlined Babcock's indicative 
proposal. Following discussions with both parties' advisers, the Panel Executive 
has ruled that, unless the Panel Executive consents otherwise, Babcock must, by 
5.00 p.m. on 12 April 2010, either announce a firm intention to make an offer 
for VT under Rule 2.5 of the Code or announce that it does not intend to make an 
offer for VT.  In the event that Babcock announces that it does not intend to 
make an offer for VT, Babcock and any person(s) acting in concert with it will, 
except with the consent of the Panel Executive, be bound by the restrictions 
contained in Rule 2.8 of the Code for six months from the date of such 
announcement. 
Each of the parties has accepted this ruling. 
1 March 2010 
 
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