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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hyloris Pharmaceuticals SA | EU:HYL | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.70 | 12.00 | 13.00 | 0.00 | 16:30:00 |
RNS Number:6585N ING Bank N.V. London Branch 17 July 2003 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN FOR IMMEDIATE RELEASE 17 July 2003 Statement re Proposed offer by Children's Stores Holdings Limited ("Children's Stores" or the "Company") for Hamleys plc ("Hamleys") On 27 June 2003 the Board of Children's Stores announced the terms of a cash offer of 230 pence per Hamleys Share, to be made by ING Investment Banking on behalf of Children's Stores, for the entire issued and to be issued ordinary share capital of Hamleys (the "Offer"). On 3 July 2003 Soldier announced an increased offer of 254 pence per Hamleys Share (the "Revised Increased Offer"). Children's Stores' Offer Price was driven by the potential synergies of merging Hamleys with the Daisy & Tom chain. The Board of Children's Stores has concluded that it would not be commercially viable for the Company to pay more than 230 pence per Hamleys Share. Accordingly, as permitted by Note 2 to Rule 2.7 of the City Code and after consultation with the Panel, the Board of Children's Stores has decided not to pursue its interest in Hamleys and will not be posting an offer document to Hamleys Shareholders. Conditional upon the posting by Soldier to Hamleys Shareholders of an offer document setting out its Revised Increased Offer and the release of this announcement, Children's Stores has agreed to sell to Soldier its entire interest in Hamleys' existing issued share capital amounting to, in aggregate, 3,513,548 Hamleys Shares on the twenty-first day following this announcement. In addition, in the light of this announcement, the irrevocable undertakings to accept the Offer from certain of Hamleys' institutional shareholders in respect of, in aggregate, 940,400 Hamleys Shares will lapse. Save as otherwise disclosed, as at the date and time of this announcement, Children's Stores and parties acting in concert with it neither own nor control any interest in the existing issued share capital of Hamleys. Commenting on the Board's decision, Tim Waterstone, Chairman of Children's Stores, said: "Obviously I am disappointed with what has happened. Hamleys would have been a very good fit with Daisy & Tom and would have complemented Daisy & Tom's growth plans. However, decisions have to be made for sound economic reasons and even with the clear synergies between Daisy & Tom and Hamleys it is not commercially viable for us pay more than 230 pence per Hamleys Share. I sincerely appreciate the support of Rhone Capital in this process." Enquiries: Bell Pottinger Financial Tel: 020 7861 3232 (PR adviser to Children's Stores) Jonathon Brill John Coles ING Investment Banking Tel: 020 7767 1000 (Financial adviser and broker to Children's Stores) Fraser Marcus Simon Newton ING Investment Banking, which is authorised in the United Kingdom by the Financial Services Authority for investment business activities, is acting exclusively for Children's Stores as financial adviser in relation to the Offer and is not acting for any other person in relation to such offer. ING Investment Banking will not be responsible to anyone other than Children's Stores for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any transaction or arrangement referred to herein. This announcement does not constitute an offer or an invitation to purchase any securities. This information is provided by RNS The company news service from the London Stock Exchange END OFDDGGMNGNVGFZM
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