18th Apr 2008 07:00
Punch Taverns PLC18 April 2008 Punch Taverns plc 18 April 2008 NOT FOR RELEASE, DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA PUNCH TAVERNS PLC ("Punch") Statement regarding Mitchells & Butlers plc On 28 March 2008, Punch withdrew its proposal for a merger with Mitchells &Butlers plc ("Mitchells & Butlers"), but stated that it had been approached by anumber of third parties in relation to possible transactions involving Mitchells& Butlers and that it was assessing whether any such transaction would maximisevalue for Punch shareholders. Punch has concluded that pursuing any transactionwith Mitchells & Butlers, including any transaction involving Punch's managedpub business, would not be in the best interests of Punch shareholders at thecurrent time and confirms that all such discussions have terminated. As previously announced, Punch will report its interim results on 24 April 2008which are anticipated to be in line with market expectations. For the purposes of Rule 2.8 and other relevant provisions of the City Code onTakeovers and Mergers (the "Code"), Punch reserves the right to announce anoffer or possible offer or make or participate in an offer or possible offer forMitchells & Butlers and/or take any other action which would otherwise berestricted under Rule 2.8 of the Code within the next six months, in the eventthat: (a) an agreement or recommendation from the board of Mitchells & Butlers isforthcoming; or (b) there is an announcement by a third party of a firm intention to make anoffer for Mitchells & Butlers or, if the current offer period of Mitchells &Butlers terminates prior to the expiry of such six month period, following suchtermination there is either an announcement by a third party of a possible offerfor Mitchells & Butlers or Mitchells & Butlers announces that it has received anapproach in relation to a possible offer from a third party; or (c) Mitchells & Butlers announces a 'whitewash' proposal for the purposes ofRule 9 of the Code or a reverse takeover; or (d) Mitchells & Butlers undertakes or announces an intention to undertake anyacquisition, disposal, merger, joint venture, scheme of arrangement or othertransaction involving in any such case a material amount (as defined in Note 2on Rule 21.1 of the Code); or (e) Mitchells & Butlers undertakes or announces an intention to undertake anycapital raising or return of value of an amount in either such case exceeding 10per cent of the current equity share capital or a material debt restructuring ofMitchells & Butlers; or (f) there is a change in the executive directors of Mitchells & Butlers; or (g) there is a material change of circumstances. For further information, please contact: Goldman Sachs InternationalRichard Campbell-BreedenAnthony GutmanPhil Raper (Corporate Broking)Tel: +44 20 7774 1000 Morgan Stanley & Co. LimitedGavin MacDonaldSimon SmithTim Pratelli (Corporate Broking)Tel: +44 20 7425 8000 College Hill AssociatesJustine WarrenMatthew SmallwoodTel: +44 20 7457 2020 BrunswickFiona AntcliffeSimon SporborgTel: +44 20 7404 5959 Goldman Sachs International is acting exclusively for Punch and no-one else inconnection with a possible transaction with Mitchells & Butlers and will not beresponsible to anyone other than Punch for providing the protections afforded toclients of Goldman Sachs International nor for providing advice in relation toany such possible transaction. Morgan Stanley & Co. Limited is acting exclusively for Punch and no-one else inconnection with a possible transaction with Mitchells & Butlers and will not beresponsible to anyone other than Punch for providing the protections afforded toclients of Morgan Stanley & Co. Limited nor for providing advice in relation toany such possible transaction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC