Statement of intention not to make an offer
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 OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE 11 July 2013
A.G. BARR p.l.c.
STATEMENT OF INTENTION NOT TO MAKE AN OFFER UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS
A.G. BARR p.l.c. ("A.G. Barr") announces today that, following the final decision of the Competition Commission, published on 9 July 2013, to clear the merger of A.G. Barr and Britvic plc ("Britvic"), it made a revised proposal to the Board of Britvic for an all share merger of the two companies. This proposal was for an offer on more favourable terms for Britvic shareholders than the offer recommended by the respective Boards and subsequently approved by the A.G. Barr and Britvic shareholders in January 2013.
The Board of Britvic has rejected this proposal. As a result A.G. Barr confirms that it does not intend to make an offer for Britvic.
A.G. Barr Chairman, Ronnie Hanna, commented, "While we are disappointed that the opportunity to create significant value for both sets of shareholders has been rejected, the Board of A.G. Barr has every reason to be confident of its position as a stand-alone company. A.G. Barr continues to outperform the UK soft drinks market and will follow its successful long term strategy supported by a strong balance sheet, unique brands and a well invested asset base."
As a result of this announcement A.G. Barr is bound by the restrictions in Rule 2.8 of the City Code on Takeovers and Mergers (the "Takeover Code"). For the purposes of Rule 2.8, A.G. Barr reserves the right to announce an offer or possible offer for Britvic plc or make or participate in an offer or possible offer for Britvic plc and/or take any other action otherwise precluded under Rule 2.8 of the Takeover Code within six months of the date of this announcement in the circumstances described in note 2 to Rule 2.8 of the Takeover Code.
A copy of this announcement will be available at www.agbarr.co.uk.
The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Enquiries
Rothschild (financial adviser to A.G. Barr) +44 (0) 207 280 5000
Akeel Sachak
Stuart Vincent
Manfredi Corsini
Rothschild, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for AG Barr and no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than A.G. Barr for providing the protections afforded to clients of Rothschild or for providing advice in relation to the subject matter of this announcement or any other matters referred to in this announcement.
This information is provided by RNS
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