Completion of Cash Tender
Compass Group PLC
2 April 2001
2 April 2001
Compass Group PLC Completes Cash Tender Offer for
Morrison Management Specialists, Inc.
Compass Group PLC today announced that the initial offering period for its
cash tender offer for Morrison Management Specialists, Inc. expired at 5:00
p.m., New York City time, on March 30, 2001.
The $40.00 per share cash tender offer was for all outstanding shares of
Morrison common stock. At the end of the initial offering period, 11,913,813
shares of Morrison common stock were validly tendered, including 414,048
shares by guaranteed delivery, representing 92.8% of the total issued and
outstanding shares of Morrison common stock. Compass Group has accepted, and
will promptly pay for the Morrison common stock tendered during the initial
offering period through SunTrust Bank, the depositary for the tender offer.
As contemplated by the tender offer materials, Compass Group will provide a
subsequent offering period of three business days for the Morrison tender
offer. This subsequent offering period begins today and expires at 5:00 p.m.,
New York City time, on Wednesday, April 4, 2001. During this period, shares
of Morrison common stock will be accepted and promptly paid for as they are
tendered. The same $40.00 per share price paid during the initial offering
period is being extended through the subsequent offering period. Shares that
are tendered during the subsequent offering period may not be withdrawn.
Compass Group expects to acquire the remaining interest in Morrison which is
not tendered by the end of the subsequent offering period through a cash
merger which is anticipated to close by April 30, 2001.
For further information contact:
Nick Lyon, Hudson Sandler
+44 207 796 4133
Notes
Compass Group is the world's largest foodservice company with annual revenues
in excess of £8 billion employing over 265,000 people in more than 80
countries worldwide. The company is quoted on the London Stock Exchange and
its website is www.compass-group.com.
END
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