20th Apr 2006 11:29
Takeover Panel20 April 2006 2006/7 BABCOCK INTERNATIONAL GROUP PLC ("BABCOCK") BAE SYSTEMS PLC and VT GROUP PLC ("BAE SYSTEMS and VT") Following representations made by the advisers to Babcock, the Panel Executivehas been considering the application of Rule 2.4(b) of the Code to the potentialoffer for Babcock referred to in the announcements made by BAE Systems and VT on23 March 2006. Following discussions with all three parties' advisers, thePanel Executive has ruled that BAE Systems and VT must, by 12.00 noon on 18 May2006, either announce a firm intention to make an offer for Babcock under Rule2.5 of the Code or announce that they do not intend to make an offer forBabcock. No extension to this deadline will be granted, except with the consentof the Panel Executive. In the event that BAE Systems and VT announce that theydo not intend to make an offer for Babcock, BAE Systems and VT and any personacting in concert with either company will, except with the consent of the PanelExecutive, be bound by the restrictions contained in Rule 2.8 of the Code forsix months from the date of such announcement. Each of the parties has accepted this ruling. 20 April 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BAE SystemsBabcock