Takeover Panel Statement re: Offer timetable extended (0031P)
August 25 2017 - 3:56AM
UK Regulatory
TIDMIPO TIDMIVO
RNS Number : 0031P
Takeover Panel
25 August 2017
2017/16
OFFER BY
IP GROUP PLC ("IPG")
for
TOUCHSTONE INNOVATIONS PLC ("Touchstone")
offer timetable extended
Rule 31.9 of the Code requires that all material new information
should ordinarily be announced by the offeree company by the 39th
day following the publication of the offer document. Normally,
therefore, the last day for announcement by Touchstone of material
new information in the context of the offer by IPG (the "Offer")
would be Saturday, 26 August. IPG is currently engaged in
pre-notification discussions with the Competition and Markets
Authority ("CMA") and it is expected that the decision on whether
there will be a reference of the Offer to the chair of the CMA
("Phase 2 CMA reference") will not have been announced by that
date.
In these circumstances, pursuant to Note 5 on Rule 31.6, the
Executive has ruled that "Day 39" will be extended to the second
day after the announcement of that decision.
"Day 46" (the last date for the publication of a revised offer)
and "Day 60" (the date by which an offer must become or be declared
unconditional as to acceptances) will also be extended accordingly.
The next closing date of the Offer will not be affected by this
extension.
Each of the parties has accepted the Executive's ruling.
25 August 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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