Intu Properties PLC Termination of Transaction with Hammerson (1020M)
April 25 2018 - 6:30AM
UK Regulatory
TIDMINTU TIDMHMSO
RNS Number : 1020M
Intu Properties PLC
25 April 2018
LEI: 213800JSNTERD5CJZO95
Regulated Information Classification: Additional regulated
information required to be disclosed under the laws of a Member
State of the EU
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 OR REGULATIONS OF THAT
JURISDICTION
25 APRIL 2018
INTU PROPERTIES PLC ('INTU')
TERMINATION OF TRANSACTION WITH HAMMERSON
On 18 April 2018, the Board of Hammerson plc ("Hammerson")
withdrew its recommendation that its shareholders vote in favour of
its all-share offer for intu (the "intu Transaction").
Hammerson's offer was conditional on the approval of its
shareholders. In light of the Hammerson Board's decision to change
its recommendation and to advise its own shareholders to vote
against the intu Transaction, intu believes that there is now no
realistic prospect that this condition will be satisfied.
The Board of intu continues to believe that the terms of the
intu Transaction are fair and reasonable for intu shareholders.
However, given the circumstances outlined above the Board of intu
believes that it is in the best interests of its shareholders,
employees and other intu stakeholders for the situation to now be
resolved. Accordingly, the Board of intu has determined not to
proceed with posting the Scheme of Arrangement documents to intu's
own shareholders, which has also entailed withdrawing its
recommendation of the intu Transaction.
The intu Board has therefore consented to the Takeover Panel
releasing Hammerson from its obligations under Rule 2.7(b) and Rule
24.1 of the Takeover Code to proceed with the intu Transaction.
As a result, the Takeover Panel has confirmed that, upon
Hammerson announcing that it will not exercise any rights it may
have to implement the intu Transaction by way of a takeover offer:
(a) Hammerson will be released from its obligations under Rule
2.7(b) and Rule 24.1 of the Takeover Code to proceed with the intu
Transaction; (b) the offer period will end; and (c) Hammerson will
be subject to Rule 35.1 of the Takeover Code pursuant to which
Hammerson will be prohibited from, amongst other things, making any
offer for intu without the consent of the Takeover Panel for a
period of 12 months.
The Board of intu is entirely confident of intu's stand-alone
commercial future and prospects as evidenced by the trading update
issued on 17 April 2018.
intu properties plc
Susan Marsden Group Company Secretary +44 (0)20 7887 7073
This information is provided by RNS
The company news service from the London Stock Exchange
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