TBI PLC
28 August 2001
FOR IMMEDIATE RELEASE 25 August 2001
(Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan)
Offer by Vinci for TBI plc ('TBI' or the 'Group')
The Board of TBI notes that Vinci has now posted its formal offer document to
TBI shareholders.
The unsolicited offer from Vinci is 90 pence in cash for each TBI ordinary
share. This offer is opportunistic and does not take into account:
* the existing value and the potential of the Group;
* the quality of the airports and other assets within the TBI
portfolio. In particular, the Group's majority ownership of London
Luton Airport, the largest unregulated airport servicing London and the
South East of England; and
* the unique portfolio of regional airports which TBI has established.
These are scarce resources.
The Board, which has been so advised by Dresdner Kleinwort Wasserstein,
continues to recommend that shareholders should take no action in relation to
any documentation received from Vinci. In providing advice to the Directors
of TBI, Dresdner Kleinwort Wasserstein have taken into account the commercial
assessments of the Directors of TBI.
TBI will be sending a detailed document to shareholders setting out the
Board's views and advice in relation to the offer.
G Stanley Thomas, OBE, Chairman of TBI, said:
'We will fight this bid. Our airports business offers real near and long-term
growth. Vinci's bid is purely opportunistic and significantly undervalues the
assets and prospects of the Group.
We have a clear strategy and we will demonstrate the full value of TBI to our
shareholders.
The management team led by Keith Brooks, our Chief Executive, remains
committed to maximising shareholder value and I have every confidence that he
and his team will continue to do so.'
Keith Brooks, Chief Executive of TBI, said:
'Vinci's document is lightweight and is focused on short-term gains for itself
at the expense of our shareholders. Our shareholders have supported our
strategy of re-shaping and re-focusing the Group while we have invested in our
businesses.
They are now being asked by Vinci to surrender the benefits of these
investments to Vinci on the cheap.'
Enquiries:
TBI plc Tel : 020 7408 7300
Keith Brooks
Caroline Price
Dresdner Kleinwort Wasserstein Tel : 020 7623 8000
Charlie Batten
Jeremy Miller
Credit Lyonnais Securities Tel : 020 7588 4000
Simon Bennett
ABN AMRO Tel : 020 7678 8000
Will Coleman
Buchanan Communications Tel : 020 7466 5000
Charles Ryland
Nicola Cronk
The Board accepts responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the Board (which has
taken all reasonable care to ensure that such is the case), the information
contained in this announcement is in accordance with the facts and does not
omit anything likely to affect the import of such information.
Dresdner Kleinwort Wasserstein Limited ('Dresdner Kleinwort Wasserstein'),
which is regulated by The Securities and Futures Authority Limited in the
United Kingdom, is acting for TBI and no one else in connection with this
matter and will not be responsible to anyone other than TBI for providing the
protections afforded to customers of Dresdner Kleinwort Wasserstein nor for
providing advice in relation to this matter.
END
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