Satisfaction of CFIUS Condition
21 May 2010 - 4:00PM
UK Regulatory
TIDMBAB TIDMVTG
RNS Number : 3115M
Babcock International Group PLC
21 May 2010
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 OF SUCH JURISDICTION
For immediate release
21 May 2010
Recommended Acquisition of VT Group plc by Babcock International Group PLC -
Satisfaction of Condition
On 26 April 2010, the boards of Babcock International Group PLC ("Babcock") and
VT Group plc ("VT") announced the publication and posting of offer
documentation, and the convening of Court and shareholder meetings, in
connection with the recommended acquisition by Babcock of the entire issued and
to be issued share capital of VT to be effected by a Court-sanctioned scheme of
arrangement (the "Acquisition").
Babcock and VT are pleased to announce that they have obtained confirmation from
the Committee on Foreign Investment in the United States ("CFIUS") that there
are no unresolved US national security concerns with respect to the Acquisition,
and that CFIUS has concluded its review of the Acquisition on that basis.
Accordingly the related CFIUS condition to the Acquisition has been satisfied.
This follows early termination of the waiting period being granted in respect of
the Acquisition under the United States Hart-Scott-Rodino Antitrust Improvements
Act of 1976 (and the regulations made thereunder), as announced by Babcock and
VT on 20 April 2010. The Acquisition remains conditional upon the satisfaction
or, if permitted, waiver of the remaining conditions to the Acquisition
contained in the announcement by Babcock and VT on 23 March 2010.
- Ends -
The distribution of this announcement in jurisdictions other than the United
Kingdom and the availability of any offer to VT shareholders who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions. Therefore any persons who are subject to the laws of any
jurisdiction other than the United Kingdom or VT shareholders who are not
resident in the United Kingdom will need to inform themselves about, and
observe, any applicable requirements.
Babcock shares have not been and are not currently intended to be registered
under the securities laws or regulations of the United States, Australia, Canada
or Japan, and may not be offered or sold in the United States, Australia, Canada
or Japan or any other jurisdiction where it would be unlawful to do so absent
registration or an applicable exemption from the securities laws or regulations
of such jurisdictions.
Unless otherwise determined by Babcock or required by the Code and permitted by
applicable law and regulation, copies of this announcement are not being, and
must not be, directly or indirectly, mailed, transmitted or otherwise forwarded,
distributed or sent in, into or from the United States, Australia, Canada or
Japan or any other jurisdiction where it would be unlawful to do so and persons
receiving this announcement must not mail or otherwise forward, distribute or
send it in into or from such jurisdictions. Any person who would, or otherwise
intends to, or who may have a contractual or legal obligation to, forward this
announcement and/or any other related document to any jurisdiction outside the
United Kingdom should inform themselves of, and observe, any applicable legal or
regulatory requirements of their jurisdiction.
A copy of this announcement will be available on Babcock's website at
(www.babcock.co.uk) and VT's website (www.vtplc.com) by no later than 12 noon
(London time) on 24 May 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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