Quarto Group Inc Termination of Discussions with Potential Bidder (0897O)
August 16 2017 - 1:00AM
UK Regulatory
TIDMQRT
RNS Number : 0897O
Quarto Group Inc
16 August 2017
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 OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
FOR IMMEDIATE RELEASE
16 August 2017
THE QUARTO GROUP, INC.
("Quarto" or the "Company" or the "Group")
Termination of Discussions with Potential Bidder
On 8 August 2017, the Board of The Quarto Group, Inc. (the
"Board") announced that it had received an approach from an unnamed
bidder to acquire the entire issued and to be issued share capital
of the Company at a price which it considered attractive and
reflective of the inherent value of the business as a global
publishing platform - and hence worthy of due consideration.
Since the initial approach, about five weeks ago, the Company
has been engaged in discussions with the potential acquirer in an
effort to deliver a formal offer on the terms indicated to the
Board. Unfortunately, these discussions were not progressing to the
satisfaction of the Board. It became clear that the regulatory
approvals required by the bidder to complete the proposed
acquisition were increasingly less likely to be granted on the
timeline first indicated. Recognising the importance of delivering
a strong finish to the year and after carefully considering the
interests of all shareholders, the Board was not prepared to
prolong discussions further to avoid distraction to management at
such a critical time of year for the business.
Therefore, by mutual agreement, the Board can confirm that it
has terminated discussions with the potential acquirer.
The Board remains confident of the Company's prospects as an
independent company and reconfirms the outlook statement provided
in its half year results statement on 8 August 2017.
Commenting on the decision by the Board, Chief Executive, Marcus
Leaver said:
"This was an unsolicited offer and while it was pitched at an
attractive premium, the Board considers it imperative that the
Company remains focused on delivering a strong finish to the year.
I welcome the clarity which this decision brings. As I said at the
time of the interim results, we have an excellent publishing
programme for the Autumn and the Holiday period - one of our
strongest in the last few years - and everyone at Quarto is fully
focused on executing our plans and maximising the opportunities in
the second half of the year."
The person responsible for making this announcement is Anne
Crompton, Company Secretary.
For further information, please contact:
The Quarto Group
Marcus Leaver, Chief Executive Officer
Dorothée de Montgolfier, Group 020 7700
Director of Communications 9002
Stockdale Securities Limited 020 7601
(Lead Financial Adviser and broker) 6100
Daniel Harris
Andy Crossley
El Hanan Lee
Liberum Capital Limited (Joint Financial
Adviser)
Neil Patel 020 3100
Cameron Duncan 2000
Stockdale Securities Limited, which is authorised and regulated
in the United Kingdom by the Financial Conduct Authority, is acting
exclusively as lead financial adviser to The Quarto Group and no
one else in relation to the possible offer and will not be
responsible to anyone other than The Quarto Group for providing the
protections afforded to the clients of Stockdale Securities Limited
or for providing advice in relation to the possible offer or in
relation to the contents of this announcement or any transaction or
arrangement referred to herein. Neither Stockdale Securities
Limited, nor any of its subsidiaries, branches or affiliates owes
or accepts any duty, liability or responsibility whatsoever
(whether direct or indirect, whether in contract, in tort, under
statute or otherwise) to any person who is not a client of
Stockdale Securities Limited in connection with the possible offer
or contents of this announcement or any transaction or arrangement
referred to herein.
Liberum Capital Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively for The Quarto Group as joint financial adviser and no
one else in relation to the possible offer and will not be
responsible to anyone other than The Quarto Group for providing the
protections afforded to the clients of Liberum Capital Limited or
for providing advice in relation to the possible offer or in
relation to the contents of this announcement or any transaction or
arrangement referred to herein. Neither Liberum Capital Limited,
nor any of its subsidiaries, branches or affiliates owes or accepts
any duty, liability or responsibility whatsoever (whether direct or
indirect, whether in contract, in tort, under statute or otherwise)
to any person who is not a client of Liberum Capital Limited in
connection with the possible offer or contents of this announcement
or any transaction or arrangement referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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