14th Mar 2006 09:00
Kesa Electricals plc14 March 2006 14 March 2006 Announcement of rejection of conditional approach The Board of KESA Electricals plc ("Kesa") has noted the recent price rise inits shares. The Board confirms that it has received a conditional proposal froma private equity consortium regarding a possible offer for Kesa at 325 pence pershare in cash. The conditional proposal was subject, inter alia, to duediligence and financing. The Board of Kesa has reviewed the proposal carefully. The Board has concludedthat the proposal undervalues the company and its prospects. As such, the Boardof Kesa has unanimously rejected the proposal. ENDS Enquiries FinsburyRollo Head +44 (0) 20 7251 3801 Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the"Code"), if any person is, or becomes "interested" (directly or indirectly) in1% or more of any class of "relevant securities" of Kesa Electricals, all"dealings" in any "relevant securities" of that company (including by means ofan option in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3.30pm (London time) onthe London business day following the date of the relevant transaction. Thisprovision will continued until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an "interest" in "relevant securities" of Kesa Electricals, they will bedeemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Kesa Electricals by Kesa Electricals or by any of its respective"associates", must be disclosed by no later than 12.00 noon (London time) on theLondon business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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