Information  X 
Enter a valid email address

Mitchells & Butlers (MAB)

  Print      Mail a friend

Thursday 15 September, 2011

Mitchells & Butlers

PUSU Announcement

RNS Number : 3201O
Mitchells & Butlers PLC
15 September 2011
 



 15 September 2011

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

Mitchells & Butlers - timetable relating to Possible Offer

 

The Independent Directors of the Board of Mitchells & Butlers plc (the "Company") refer to the announcement by Piedmont Inc. on 12 September 2011 regarding a possible offer for the Company (the "Possible Offer").  In accordance with the new Rule 2.6(a) of the Takeover Code (which is being implemented from 19 September 2011) the Company confirms that Piedmont Inc. has until 5:00pm on 17 October 2011 to announce publicly a firm intention to make an offer for the Company or else to confirm publicly that it is no longer contemplating such an offer.

 

 

Enquiries:

Mitchells & Butlers

Tim Jones, Finance Director                                                        +44 121 498 4354

Erik Castenskiold, Director of Corporate Affairs                             +44 121 498 6513

UBS Investment Bank

Nick Reid                                                                                  +44 207 568 1000

Jackie Lee                                                                                 +44 207 568 1000

Nick Bishop                                                                               +44 207 568 1000

Finsbury

James Murgatroyd                                                                     +44 207 251 3801

 

About Mitchells & Butlers:

Mitchells & Butlers is the leading operator of restaurants and pubs in the UK. Its leading portfolio of brands includes Harvester, Toby Carvery, Vintage Inns, Premium Country Dining Group, Crown Carveries, Sizzling Pubs, Browns, Miller & Carter, Metro Professionals, All Bar One, Nicholson's, O'Neill's and Ember Inns. Further details are available at www.mbplc.com

Mitchells & Butlers serves around 120 million meals and 415 million drinks each year and is one of the largest operators within the UK's eating and drinking out market

The Independent Directors:

The Independent Directors of Mitchells & Butlers are those Directors who are independent of Piedmont Inc., being Bob Ivell (Interim Chairman), Jeremy Blood (Interim CEO) and Tim Jones (Finance Director). Each of Ron Robson and Douglas McMahon were appointed to the Board by Piedmont Inc. and accordingly are not independent for the purposes of the Possible Offer.

General

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

UBS Limited ("UBS") does not accept any responsibility whatsoever for the contents of this announcement or for any statement made or purported to be made by it or on its behalf in connection with the Possible Offer. UBS accordingly disclaims all and any liability whether arising in tort, contract or otherwise which it might otherwise have in respect of this announcement or any such statement. UBS is acting as Financial Adviser to Mitchells & Butlers and no-one else and will not be responsible to anyone other than Mitchells & Butlers for providing the protections offered to clients of UBS or for providing advice in relation to the Possible Offer or the contents of this announcement.

Disclosure Requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.   

Note: "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or any derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
OFDBDGDCXUBBGBU