27th Apr 2007 18:10
Bodycote International PLC27 April 2007 NOT FOR RELEASE PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OFAMERICA, CANADA, AUSTRALIA OR JAPAN Bodycote International plc ("Bodycote" or the "Group") Response of Board of Bodycote to Sulzer AG ("Sulzer") announcement The Board of Bodycote notes Sulzer's recent announcement that it is no longerconsidering making an offer for the Group. The Board wishes to clarify that ithas had further discussions since its most recent announcement earlier todaywith Sulzer and its advisors in which Sulzer and its advisors made clear thatthe maximum incremental price that they may have been prepared to propose as aresult of access to due diligence and a board recommendation would have been 2pper share, conditionally increasing their proposal to 342p per share plus thefinal dividend of 4.5p. The Board continued to believe that this undervalued the Group and its prospectsand would not have been prepared to recommend an offer at this level. The Boardnonetheless offered Sulzer the opportunity to meet face to face to discuss apotential way forward. The Board made it clear that, to this end, they wereprepared to seek the Takeover Panel's consent to extend the deadline for Sulzerto have made a Rule 2.5 announcement or announced no intention to bid until 5pmon Monday 30 April. Sulzer declined to accept this proposal. The Board remains confident in the prospects for the Group. The Board firmlybelieves that the current strategy and proven track record of the managementwill result in continued delivery of growth and excellent returns forshareholders. Enquiries: Bodycote International plc 01625 505 300John HubbardDavid LandlessFinancial Dynamics 020 7831 3113Jon SimmonsAndrew Dowler This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Bodycote