Statement re: Put up or shut up deadline
23 January 2010 - 2:56AM
UK Regulatory
TIDMMCHL TIDMVTG
RNS Number : 0171G
Takeover Panel
22 January 2010
2010/3
MOUCHEL GROUP PLC ("MOUCHEL")
VT GROUP PLC ("VT")
Following recent representations made by the advisers to Mouchel, the Panel
Executive has been considering the application of Rule 2.4(b) of the Code to the
announcement made by Mouchel, on 14 December 2009, in which it confirmed that it
had received two unsolicited approaches from VT and rejected those approaches,
but it understood that VT remained interested in pursuing a transaction.
Following discussions with both parties' advisers, the Panel Executive has ruled
that, unless the Panel Executive consents otherwise, VT must, by 5.00 p.m. on 8
March 2010, either announce a firm intention to make an offer for Mouchel under
Rule 2.5 of the Code or announce that it does not intend to make an offer for
Mouchel. In the event that VT announces that it does not intend to make an offer
for Mouchel, VT and any person(s) acting in concert with it will, except with
the consent of the Panel Executive, be bound by the restrictions contained in
Rule 2.8 of the Code for six months from the date of such announcement.
Each of the parties has accepted this ruling.
22 January 2010
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