Stobart Group Limited No Intention to Bid Statement (5282I)
22 Marzo 2018 - 8:01AM
UK Regulatory
TIDMSTOB
RNS Number : 5282I
Stobart Group Limited
22 March 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS
OF THAT JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. ON PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UK CITY
CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE")
FOR IMMEDIATE RELEASE
22 March 2018
No intention to bid statement
Stobart Group Limited ("Stobart Group") announces that it is not
intending to make an offer for Flybe Group plc ("Flybe")
Further to the announcement made by Stobart Group on 22nd
February 2018, Stobart Group and Flybe have been unable to reach
agreement on satisfactory terms. The Board of Stobart Group has
determined that it is not in its shareholders' best interests to
increase its latest proposal for Flybe above the level which was
rejected by the Board of Flybe. Given this, Stobart Group confirms
that it does not intend to make an offer for Flybe.
Stobart Group and Flybe enjoy a range of shared interests as
well as a growing franchise arrangement between the two groups'
airlines and it is Stobart Group's intention to continue the
collaborative working relationship between both companies.
This is a statement to which Rule 2.8 of the Takeover Code
applies.
Under Note 2 on Rule 2.8 of the Takeover Code, Stobart Group
reserves the right to set the restrictions in Rule 2.8 aside in the
following circumstances:
a) with the agreement of the Board of Flybe;
b) if a third party announces a firm intention to make an offer for Flybe;
c) if Flybe announces a "whitewash" proposal (see Note 1 of the
Notes on Dispensations from Rule 9) or a reverse takeover (as
defined in the Takeover Code); and
d) if there has been a material change of circumstances (as determined by the Takeover Panel).
Enquiries
Redleaf Communications
+44 203 757 6881
Charlie Geller
Stobart@redleafpr.com
Publication on website
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available at www.stobartgroup.co.uk by no
later than 12 noon on the business day following this
announcement.
The content of the website referred to in this announcement is
not incorporated into and does not form part of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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