13th Jun 2007 13:34
Irish Continental Group PLC13 June 2007 13 June 2007 Irish Continental Group plc ("ICG" or the "Company") Offer Update Announcement On 1 June 2007, the Irish Takeover Panel (the "Panel") ruled that, except withthe consent of the Panel, the Consortium must by 5.00 p.m. on 13 June 2007either announce an offer for ICG under Rule 2.5 of the Takeover Rules orannounce that it will not proceed with an offer for ICG. The Independent Directors acknowledge the significant progress made by theConsortium since 1 June 2007 and that it is for reasons beyond the control ofthe Consortium that the Consortium may not be in a position to make anannouncement of an offer for ICG under Rule 2.5 of the Takeover Rules in advanceof the current deadline. Accordingly the Independent Directors have requestedthat the deadline imposed by the Panel be extended until 5.00 p.m. on 15 June2007. The Panel has consented to this request. The Independent Directors and the Company's advisers will continue to workdiligently with the Consortium and its advisers in an effort to bring forward anoffer from the Consortium under Rule 2.5 of the Takeover Rules to ICGShareholders as soon as practicable and in any event by no later than 5.00 p.m.on 15 June 2007. Shareholders should note that until a firm intention to make an offer isannounced under Rule 2.5 of the Takeover Rules (and subject to Rule 2.7 of theTakeover Rules), there continues to be no guarantee that an offer will beforthcoming. A further announcement will be made in due course. Enquiries Irish Continental Group plc Telephone +353 1 855 2222Independent DirectorsJohn B McGuckian NCB Corporate Finance Telephone +353 1 611 5611Liam BoothJonathan SimmonsShane Lawlor Drury Communications Telephone +353 1 260 5000Billy MurphyPaddy Hughes The Independent Directors of Irish Continental Group plc accept responsibilityfor the information contained in this announcement. To the best of theirknowledge and belief (having taken all reasonable care to ensure that such isthe case), the information contained in this announcement for which they takeresponsibility is in accordance with the facts and does not omit anything likelyto affect the import of such information. NCB Corporate Finance Limited, which is authorised in Ireland by the FinancialRegulator under the Investment Intermediaries Act 1995, is acting exclusivelyfor Irish Continental Group plc and no one else in connection with theacquisition and will not be responsible to anyone other than Irish ContinentalGroup plc for providing the protections afforded to clients of NCB CorporateFinance Limited nor for providing advice in relation to the acquisition. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Irish Cont.