Precision Technologies Group Ltd.
29 November 2007
Withdrawal of possible offer for The 600 Group plc (the '600 Group' or the '
On 5 October 2007, Precision Technologies Group Limited ('PTG') announced that
it had made an approach to the board of 600 Group concerning the possibility of
making an offer for the Company.
Despite presenting the board of 600 Group with three proposals that have been at
a significant premium to the Company's then, and current share price, the board
of 600 Group has not granted PTG access to allow it to undertake even the
limited due diligence it required to do on the Company and its pension scheme
before formally launching an offer to the Company's shareholders.
The Board of PTG has been encouraged in its belief that the Company's
shareholders interest would have been best served by affording PTG the
opportunity to table an offer that 600 Group shareholders could judge the merit
of for themselves, as an alternative to the status quo. The Board of 600 Group
has taken a different view.
PTG therefore announces that it has no intention of making an offer for the 600
Pursuant to Rule 2.8 of the City Code on Takeovers and Mergers (the 'Code'), PTG
reserves the right to announce or participate in an offer or possible offer for
600 Group and/or take any other action which would otherwise be restricted under
Rule 2.8 of the Code within the next six months, if any of the following events
i. the agreement or recommendation of the Board of 600 Group to such an offer;
ii. there is an announcement of an offer by a third party for 600 Group; or
iii. 600 Group announces a whitewash proposal or a reverse takeover.
For further information:
Landsbanki Securities (UK) Limited
Mark Dickenson / Sindre Ottesen 020 7426 9000
This information is provided by RNS
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