13th Apr 2006 18:15
Mitchells & Butlers PLC13 April 2006 13 April 2006 Mitchells & Butlers plc The Board of Mitchells & Butlers plc ("MAB") notes the announcement issued byR20 this afternoon. The Board has, to date, not received any offer or proposal from R20. Aspreviously stated, the Board of MAB requires that any proposal together with allconditions should be made in writing to ensure clarity of the proposition. R20now suggests that it is in a position to provide a formal written proposal. Should R20 submit a formal proposal, the Board confirms the following: - It is MAB's intention to make public the terms of any such proposal to ensure transparency to all shareholders;- The Board will consider any such proposal on its merits and will form its judgement in light of the value and future prospects of the business;- A response will be given to R20 including the reasons for the Board's judgement, which will be made public to all shareholders simultaneously. Should a proposal be forthcoming, the Board intends to consult with itsshareholders. The Board of MAB remains committed to a professional, disciplined andtransparent process with the delivery of shareholder value the keyconsideration. For further information please contact: Investor Relations:Erik Castenskiold 0121 498 4907Kate Holligon 0121 498 6515Media:James Murgatroyd (Finsbury Group) 020 7251 3801 Citigroup Global Markets Limited ("Citigroup"), which is authorised andregulated in the United Kingdom by The Financial Services Authority, is actingas financial adviser to Mitchells & Butlers and no one else in connection with apossible offer for Mitchells & Butlers and will not be responsible to anyoneother than Mitchells & Butlers for providing the protections afforded tocustomers of Citigroup nor for providing advice in relation to a possible offer. The directors of Mitchells & Butlers accept the responsibility for theinformation contained in this announcement. To the best of the knowledge andbelief of the directors of Mitchells & Butlers (who have taken all reasonablecare to ensure that such is the case) the information contained in thisannouncement is in accordance with the facts and does not omit anything likelyto affect the import of such information. The distribution of this announcement in jurisdictions other than the UnitedKingdom may be restricted by law and therefore persons into whose possessionthis announcement comes should inform themselves about, and observe, suchrestrictions. Any failure to comply with the restrictions may constitute aviolation of the securities laws of any such jurisdiction. This announcementdoes not constitute an offer or an invitation to purchase or subscribe for anysecurities or a solicitation of an offer to buy any securities pursuant to thisannouncement or otherwise in any jurisdiction in which such offer orsolicitation is unlawful. Dealing Disclosure Requirements 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) in 1% or more of any class of "relevant securities" ofMitchells & Butlers, all "dealings" in any "relevant securities" of that company(including by means of an option in respect of, or a derivative referenced to,any such "relevant securities") must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevanttransaction. This requirement will continue until the date on which the offerbecomes, or is declared, unconditional as to acceptances, lapses or is otherwisewithdrawn or on which the "offer period" otherwise ends. If two or more personsact together pursuant to an agreement or understanding, whether formal orinformal, to acquire an "interest" in "relevant securities" of Mitchells &Butlers, they will be deemed 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 Mitchells & Butlers by R20 or Mitchells & Butlers, or by any oftheir respective "associates", must be disclosed by no later than 12.00 noon(London time) on the London business day following the date of the relevanttransaction. A disclosure table, giving details of the companies in whose"relevant securities" "dealings" should be disclosed, and the number of suchsecurities in issue, 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:
Mitchells & Butlers