Punch Taverns PLC Recommended Cash Acquisition of Punch Taverns plc (5115A)
25 March 2017 - 2:24AM
UK Regulatory
TIDMPUB
RNS Number : 5115A
Punch Taverns PLC
24 March 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
THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO
MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND
MERGERS
FOR IMMEDIATE RELEASE
24 March 2017
Recommended Cash Acquisition of Punch Taverns plc ("Punch") by
Vine Acquisitions Limited (the "Transaction")
Punch today provides an update on the timetable for the
Transaction.
Following shareholder approval on 10 February 2017, completion
of the Transaction remains subject to the satisfaction (or, if
capable, waiver) of the remaining Conditions set out in the scheme
document published on 17 January 2017 (the "Scheme Document"),
including the requisite merger control clearance being obtained
from the CMA.
On 20 February 2017, the CMA announced its intention to extend
the deadline for its Phase 1 decision by stopping the clock on its
review period. Following constructive engagement between the CMA,
Punch and Heineken, the CMA has confirmed today that the clock
restarted on 22 March 2017, and that this deadline has been
extended from 24 April 2017 to 29 May 2017. As a consequence, the
Board now expects the Transaction to become effective before the
end of August 2017.
Terms used but not defined in this announcement have the same
meaning as set out in the Scheme Document.
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
END
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