13th Sep 2005 07:03
Ottakar's PLC13 September 2005 OTTAKAR'S PLC ("OTTAKAR'S") The Independent Directors of Ottakar's (the "Independent Directors") have heldsatisfactory discussions with HMV Group plc ("HMV") and its advisers regardingthe terms and conditions of HMV's cash offer of 440 pence per Ottakar's shareannounced on 8 September 2005 (the "Offer"). Accordingly, the Independent Directors, who have been so advised by Bridgewell,confirm that they consider the terms of the Offer to be fair and reasonable, andwill be unanimously recommending that Ottakar's Shareholders accept the Offer.In providing advice to the Independent Directors, Bridgewell has taken intoaccount the Independent Directors' commercial assessments. The Independent Directors are therefore withdrawing their recommendation of theincreased cash offer of 400 pence per Ottakar's share which was announced on 6September 2005 by Book Store Acquisitions Limited. Discussions with other parties are ongoing, but to date no other offers orproposals have been received. Enquiries: Independent Directors of Ottakar's Tel: 020 7978 7700Christopher John ThorntonDavid AdamsMark Fane Bridgewell (Financial adviser to Ottakar's) Tel: 020 7003 3000John CravenStephen Cheung Teather & Greenwood (Broker to Ottakar's) Tel: 020 7426 9000Jeff KeatingJames Maxwell Buchanan (PR adviser to Ottakar's) Tel: 020 7466 5000Charles RylandNicola Cronk Bridgewell Securities Limited ("Bridgewell"), which is authorised and regulatedin the United Kingdom by the Financial Services Authority, is acting exclusivelyfor Ottakar's and for no one else in connection with the Offer and will not beresponsible to any person other than Ottakar's for providing the protectionsafforded to customers of Bridgewell, nor for providing advice to any otherperson in relation to the Offer. Teather & Greenwood Limited ("Teather & Greenwood"), which is authorised andregulated in the United Kingdom by the Financial Services Authority, is actingexclusively for Ottakar's and for no one else in connection with the Offer andwill not be responsible to any person other than Ottakar's for providing theprotections afforded to customers of Teather & Greenwood, nor for providingadvice to any other person in relation to the Offer. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hmv Group