9th Jun 2005 07:02
Amlin PLC09 June 2005 Not for release, publication or distribution, in whole or in part, in, into orfrom the United States, Canada, Australia or Japan or any other jurisdictionwhere it would be unlawful to do so. PRESS ANNOUNCEMENT 9 June 2005 AMLIN PLC ("AMLIN") CONFIRMS OFFER TALKS WITH CHAUCER HOLDINGS PLC ("CHAUCER") The Board of Amlin confirms that it is in discussions about a possiblerecommended offer by Amlin for Chaucer. The Board of Amlin believes that there is a very strong rationale for acombination of the two businesses. The Directors of Amlin believe that: • It would create, by some margin, the leading independent insureroperating in the Lloyd's market. • There is a strong business fit between the two groups. Chaucer wouldadd strength and depth to a number of classes of business in which Amlin isalready a leader and would also bring into the Amlin Group a number ofcomplementary business lines in areas such as aviation, energy, specialist motorand property. The combined group would hold a leading market position in eachmajor area of commercial insurance and reinsurance. • Amlin and Chaucer share a quality approach to underwriting and areculturally similar which should enable a relatively straightforward integrationprocess. • A combination of the two groups would offer substantial synergiesthrough economies of scale. A programme of mutual due diligence and management meetings is underway. Afurther update to shareholders will follow finalisation of due diligence anddocumentation which is expected to be concluded during July. This announcement does not constitute an offer to issue or sell, or thesolicitation of an offer to acquire or buy, any shares in Amlin or Chaucer toany person in any jurisdiction. This announcement does not represent a firm intention by Amlin to make an offerfor the purposes of the City Code on Takeovers and Mergers (the "City Code").There can be no certainty that an offer will ultimately be made. Enquiries: Amlin Tel: 020 7746 1000Charles Philipps, Chief Executive Haggie Financial (Public relations adviser to Amlin) Tel: 020 7417 8989David Haggie 07768 332486Peter Rigby 07803 851426 Hawkpoint (Financial adviser to Amlin) Tel: 020 7665 4500Christopher KemballLawrence Guthrie Hoare Govett (Broker to Amlin) Tel: 020 7678 8000John MacGowanBob Cowdell Dealing disclosure requirements: Under the provisions of Rule 8.3 of the City Code any person who, alone oracting together with any other person(s) pursuant to an agreement orunderstanding (whether formal or informal) to acquire or control relevantsecurities of Amlin PLC and/or Chaucer Holdings PLC, owns or controls, orbecomes the owner or controller, directly or indirectly, of one per cent. ormore of any class of securities of Amlin PLC and/or Chaucer Holdings PLC isrequired to disclose, by not later than 12.00 noon (London time) on the Londonbusiness day following the date of the relevant transaction, dealings in suchsecurities of that company (or in any option in respect of, or derivativereferenced to, any such securities) during the period to the date on which theoffer becomes or is declared unconditional as to acceptances or lapses or isotherwise withdrawn. Under the provisions of Rule 8.1 of the City Code, all dealings in relevantsecurities of Amlin and/or Chaucer by any of its respective "associates" (withinthe meaning of the City Code) must also be disclosed. If you are in any doubt as to the application of Rule 8 to you, please contactan independent financial adviser authorised under the Financial Services andMarkets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk orcontact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013. Disclosure in accordance with Rule 2.10 of the City Code: In accordance with Rule 2.10 of the City Code, Amlin confirms that it has inissue and admitted to trading on the London Stock Exchange 400,511,171 ordinaryshares of 25 pence each under the ISIN code GB0000319581. The Directors of Amlin accept responsibility for the information contained inthis announcement. To the best of the knowledge and belief of the Directors ofAmlin (who have taken all reasonable care to ensure that such is the case), theinformation contained in this announcement is in accordance with the facts anddoes not omit anything likely to affect the import of such information. This announcement does not constitute an offer to issue or sell, or thesolicitation of an offer to acquire or buy, any shares in Amlin or Chaucer toany person in any jurisdiction. Hawkpoint Partners Limited which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting exclusively for Amlin andno one else in connection with a possible offer and will not be responsible toanyone else other than Amlin for providing the protections afforded to theircustomers or for providing advice in relation to a possible offer or in relationto the contents of this announcement or any transaction or arrangement referredto herein. Hoare Govett Limited, which is regulated in the United Kingdom by the FinancialServices Authority, is acting as sole corporate broker to Amlin and no one elsein connection with a possible offer and will not be responsible to anyone elseother than Amlin for providing the protections afforded to customers of HoareGovett Limited. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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