Offer Talks Terminated (7955C)
March 11 2011 - 5:11AM
UK Regulatory
TIDMJD. TIDMJJB
RNS Number : 7955C
JD Sports Fashion Plc
11 March 2011
11 March 2011
JD Sports Fashion plc ("JD Sports Fashion")
No Intention to Make an Offer for JJB Sports plc ("JJB
Sports")
On 2 February 2011 JD Sports Fashion announced that it was in
early stage discussions with the Board of JJB Sports in relation to
making an offer for JJB Sports, after consenting to being named in
a prospectus that was shortly to be issued by JJB Sports.
Prior to 2 February 2011, JD Sports Fashion had received only
limited non-public information relating to JJB Sports. JJB Sports
then issued its prospectus on 2 February 2011 and, on 11 February
2011, announced the outline of a proposed restructuring of its
property portfolio through a company voluntary arrangement of each
of JJB Sports and its wholly owned subsidiary Blane Leisure
Limited.
Despite requests made with a view to enabling it to put forward
alternative proposals for the future of the JJB business, since the
beginning of February 2011 JD Sports Fashion has received no
further information whatsoever from JJB Sports.
Following a detailed assessment of the opportunity from the
further public information made available in the detailed CVA
proposals issued on 3 March 2011, JD Sports Fashion now confirms
that it has decided that it does not intend to make an offer for
JJB Sports.
Under Rule 2.8 of the City Code on Takeovers and Mergers (the
"Takeover Code"), and except with the consent of the Takeover
Panel, this statement will prevent JD Sports Fashion or anyone
acting in concert with it from announcing an offer or possible
offer for JJB Sports or taking certain other action within the next
six months, unless there has occurred an event, as set out below,
which enables this statement to be set aside.
For the purposes of Rule 2.8 of the Takeover Code, JD Sports
Fashion reserves the right to make or participate in an offer for
JJB Sports (and / or take any other action which would otherwise be
restricted under Rule 2.8 of the Takeover Code) within the six
months following the date of this announcement:
(i) with the agreement or recommendation of the Board of JJB
Sports;
(ii) following the announcement of an offer by or on behalf of a
third party for JJB Sports;
(iii) following the announcement by JJB Sports of a "whitewash"
proposal or a reverse takeover;
(iv) if either or both of the arrangements respectively proposed
by JJB Sports plc and Blane Leisure Limited in a document issued on
3 March 2011 is or are not agreed by the requisite majority or
majorities of creditors; or
(v) if there is a material change of circumstances.
Enquiries:
Investec Bank plc
Tel: +44 (0)20 7597 5970
David Currie
Martin Smith
MHP Communications
Tel: +44 (0)203 128 8100
Andrew Jaques
Ian Payne
Barnaby Fry
This information is provided by RNS
The company news service from the London Stock Exchange
END
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