Further statement of acquisition
9 July 2015
Hill & Smith Holdings PLC
Further statement on the proposed acquisition of
W Corbett & Co. (Galvanizing) Limited
On 25 June the UK Competition and Markets Authority ("CMA") announced its decision following its Phase 1 review of the proposed acquisition of W Corbett & Co. (Galvanizing) Limited ("Corbetts") by Joseph Ash Limited, a wholly-owned subsidiary of Hill & Smith Holdings PLC ("the Company" or "Hill & Smith"). It announced that it would refer the proposed acquisition for an in-depth, Phase 2 investigation unless suitable undertakings were offered.
After careful consideration, Hill & Smith offered certain undertakings with a view to seeking to address the CMA's concerns (even though we did not agree with those concerns). Unfortunately the CMA believes that these undertakings will not remedy the concerns identified by their Phase 1 review.
We are disappointed that these undertakings have not been accepted and consequently having reflected on the costs and uncertainty involved in a Phase 2 process, we have decided to abandon the transaction (which was, in any case, conditional on Phase 1 clearance).
A link to the CMA's Press Release and further information on the CMA's investigation into Hill & Smith's proposed acquisition of Corbetts is available at: https://www.gov.uk/cma-cases/joseph-ash-w-corbett-co-galvanizing-merger-inquiry
ENDS
For further information, please contact:
Derek Muir, Group Chief Executive Tel: +44 (0)121 704 7430
Hill & Smith Holdings PLC
John Olsen/Andrew Leach Tel: +44 (0)203 128 8100
MHP Communications
Notes to Editors
Hill & Smith Holdings PLC is an international group with leading positions in the design, manufacture and supply of infrastructure products and galvanizing services to global markets. It serves its customers from facilities principally in the Australia, France, India, Norway, Sweden, Thailand, the UK and the USA.
The Group's operations are organised into three main business segments:
Infrastructure Products - Roads, supplying products and services such as permanent and temporary road safety barriers, street lighting columns, bridge parapets, gantries, temporary car parks, variable road messaging solutions and traffic data collection systems.
Infrastructure Products - Utilities, supplying products and services such as pipe supports for the power and liquid natural gas markets, energy grid components, "GRP" railway platforms and flood prevention barriers, plastic drainage pipes, industrial flooring, handrails, access covers and security fencing.
Galvanizing Services which provides zinc and other coatings for a wide range of products including fencing, lighting columns, structural steel work, bridges, agricultural and other products for the infrastructure and construction markets.
Headquartered in the UK and quoted on the London Stock Exchange (LSE: HILS.L), Hill & Smith Holdings PLC employs some 3,800 staff across 55 sites, principally in 8 countries.
This information is provided by RNS
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