2nd Nov 2007 15:43
McAlpine (Alfred) PLC02 November 2007 Not for release, publication or distribution, in whole or in part, in or into orfrom any jurisdiction where to do so would constitute a violation of therelevant laws of such jurisdiction 2 November 2007 For Immediate Release Further to previous announcements, the Boards of Carillion plc ("Carillion") andAlfred McAlpine plc ("Alfred McAlpine") are pleased to announce that they havereached agreement regarding a proposed offer by Carillion for Alfred McAlpineand that Carillion has been granted access for a limited period of due diligenceon Alfred McAlpine. The revised proposal values each Alfred McAlpine ordinaryshare at 585 pence and comprises 25 per cent. cash consideration with thebalance in new Carillion ordinary shares. Subject to its detailed terms and conditions the Board of Alfred McAlpine hasconfirmed if such an offer were to be made it would receive its unanimousrecommendation. Carillion and Alfred McAlpine believe that a combination of the two companieswould present an excellent strategic fit, with the potential to create a companywith a leading position in support services and integrated solutions. Carillion received non-binding letters of intent over 14.89 per cent. of AlfredMcAlpine's issued share capital from Schroder Investment Management Limited andNew Star Asset Management Limited to accept, if made, a possible offer byCarillion at a value of 585 pence for each ordinary Alfred McAlpine share. Theletters will lapse if an announcement of a firm intention to make an offer isnot released by 14 December, 2007. In addition, the letters will also cease toapply to shares which are disposed of by the holder. The letters of intentrelate to 10,582,615 Alfred McAlpine shares held by Schroder InvestmentManagement Limited (on their own behalf and on behalf of discretionary clients)and 4,681,590 Alfred McAlpine shares held by New Star Asset Management Limited. Shareholders should be aware that even after the due diligence process iscompleted, it is not certain that Carillion will make an offer, and thatpursuant to Rule 2.4(c) of the UK Takeover Code, Carillion also reserves theright, with the recommendation of the Board of Alfred McAlpine, to make an offerfor Alfred McAlpine at a lower price and / or to vary the mix of considerationspecified. A further announcement will be made when appropriate. Enquiries: Carillion plc Carillion plcJohn Denning +44 (0) 1902 316 426 MaitlandAngus Maitland +44 (0) 20 7379 5151 Alfred McAlpine plcJames Longfield, Hogarth Partnership +44 (0) 20 7357 9477Rachel Hirst, Hogarth Partnership +44 (0) 20 7357 9477 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Carillion Plc