Punch Taverns PLC CMA Decision Announcement (9065H)

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RNS Number : 9065H

Punch Taverns PLC

13 June 2017

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 SUCH JURISDICTION

FOR IMMEDIATE RELEASE

Punch Taverns plc

13 June 2017

Recommended Final Cash Acquisition of Punch Taverns plc ("Punch") by Vine Acquisitions Limited ("BidCo") to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006

Punch notes today's announcement by the Competition and Markets Authority ("CMA") of its Initial Decision in relation to the anticipated acquisition by Heineken UK Limited of Punch Taverns Holdco (A) Limited which is part of the recommended acquisition by BidCo of Punch. As invited by the CMA, the parties are now putting proposals to the CMA to address the points that it has raised. The parties are confident that these proposals will enable the transaction to be approved by the CMA without a Phase 2 referral and that completion will occur by the end of August 2017 as communicated previously. Further announcements will be made in due course.

Defined terms not otherwise defined in this announcement shall have the meaning given to them in the Scheme Document published by Punch on 17 January 2017.

Enquiries

 
 Enquiries 
 
  Punch Taverns plc                Tel: +44 1283 501 948 
  Stephen Billingham, Chairman 
  Duncan Garrood, Chief 
  Executive Officer 
  Steve Dando, Chief Financial 
  Officer 
 
 
 Goldman Sachs International   Tel: +44 20 7774 1000 
  Nick Harper 
  Chris Emmerson 
 
 
 Brunswick Group LLP   Tel: +44 20 7404 5959 
  Jonathan Glass 
  Joe Shipley

Important notices

Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Punch and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Punch for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in relation to the matters referred to in this announcement.

Publication of this announcement

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at www.punchtavernsplc.com, by no later than 12 noon (London time) 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

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