10th Apr 2007 11:05
Imperial Tobacco Group PLC10 April 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITEDSTATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN 10 April 2007 IMPERIAL TOBACCO GROUP PLC REVISED PROPOSAL TO ALTADIS S.A. Imperial Tobacco Group PLC ("Imperial Tobacco") confirms that it made a revisedproposal to Altadis S.A. ("Altadis") in relation to a possible combination ofImperial Tobacco and Altadis at a price of Euro 47 per Altadis share in cash. Imperial Tobacco considers that Euro 47 per share represents a full and fairprice for Altadis. The revised proposal represents a multiple of 13.5x Altadis'EBITDA for the year ended 31 December 2006 (taking into account Altadis' netdebt and the interests of minority shareholders in Logista S.A.). Imperial Tobacco also requested access to limited due diligence information inorder to establish whether there may be additional value which it had not takeninto account in its revised proposal. The Board of Altadis has rejected the revised proposal and has not grantedImperial Tobacco's request for limited due diligence to establish whether theremay be additional value. Imperial Tobacco continues to believe that a combination with Altadis isstrategically compelling and in the interests of both companies' shareholders. Further announcements will be made as appropriate. Enquiries:Imperial Tobacco Simon Evans Telephone: +44 (0)117 933 7375Group Media RelationsJohn Nelson-Smith Telephone: +44 (0)117 933 7032Investor Relations Citigroup Global Markets Limited Telephone: +44 (0)20 7986 4000(financial adviser to Imperial Tobacco) Ian Carnegie-BrownIan HartMark ToddManuel Falco Telephone: +34 (0)91 538 4411 Hoare Govett Limited (joint corporate broker Telephone: +44 (0)20 7678 8000to Imperial Tobacco) Hugo Fisher Lehman Brothers Europe Limited Telephone: +44 (0)20 7102 1000(financial adviser to Imperial Tobacco) Ludovico del BalzoAdrian Fisk Morgan Stanley & Co. International Limited Telephone: +44 (0)20 7425 5000(financial adviser and joint corporate broker to Imperial Tobacco) Paul Baker Bell Pottinger Corporate & Financial Stephen Benzikie Telephone: +44 (0)207 861 3879Ben Woodford Telephone: +44 (0)207 861 3917 Citigroup Global Markets Limited, Hoare Govett Limited, Lehman Brothers EuropeLimited and Morgan Stanley & Co. International Limited which are authorised andregulated in the United Kingdom by the Financial Services Authority, are actingexclusively for Imperial Tobacco and no one else in relation to the mattersreferred to in this announcement and will not be responsible to anyone otherthan Imperial Tobacco for providing the protections afforded to clients ofCitigroup Global Markets Limited, Hoare Govett Limited, Lehman Brothers EuropeLimited and Morgan Stanley & Co. International Limited nor for providing advicein relation to these matters, the content of this announcement or any matterreferred to herein. Copies of our announcements are available on our website:www.imperial-tobacco.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Imperial Brands