13th Apr 2007 12:04
Devro PLC13 April 2007 PRESS ANNOUNCEMENT FOR IMMEDIATE RELEASE 13 April 2007 DEVRO PLC ("DEVRO" OR THE "COMPANY") - TERMINATION OF DISCUSSIONS On 29 January 2007, the Board of Devro (the "Board") announced that it was indiscussions which may or may not lead to an offer being made for the whole ofthe issued and to be issued share capital of the Company at 150 pence per sharein cash, and the update provided in Devro's preliminary results announcement on7 March 2007 stated that due diligence was largely complete and that discussionswere taking place with the trustees of Devro's UK pension scheme. The potential offeror and the trustees have been unable to reach a mutuallyacceptable position in relation to the longer term security of Devro's UKpension scheme despite a significant amount of time and effort by all parties.Accordingly, the Board announces that discussions between the Board and thepotential offeror have been terminated. The Board is at an advanced stage in identifying a successor to GraemeAlexander, Chief Executive Officer, and expects that a further announcement willbe made shortly. The Company will be holding its AGM on 3 May 2007, and as is customary forDevro, the AGM statement will contain an update on current trading andprospects. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
DVO.L