18th Apr 2008 11:38
Mitchells & Butlers PLC18 April 2008 18 April 2008 Mitchells & Butlers plc Statement by Mitchells & Butlers Mitchells & Butlers notes the announcement made today by Punch Taverns plc("Punch") that it has terminated discussions about any possible transaction withMitchells & Butlers. The Board continues to believe that significant value fromenhanced sales and profitability could be created by integrating Punch's managedpub business into Mitchells & Butlers. The Board regrets that Punch has rejectedthe opportunity to discuss a mutually beneficial transaction. For further information, please contact: Investor Relations: 0121 498 6513Erik Castenskiold Media: Kathryn Holland 0121 498 4526James Murgatroyd (Finsbury Group) 0207 251 3801 Notes for editors: - Mitchells & Butlers owns and operates around 2,000 high quality pubs in primelocations nationwide. The Group's predominantly freehold, managed estate isbiased towards large pubs in residential locations. With around 3% of the pubsin the UK, Mitchells & Butlers has 10% of industry sales and average weeklysales per pub over three times greater than that of the average UK pub. - Mitchells & Butlers' leading portfolio of brands and formats includes EmberInns, Harvester, Sizzling Pub Co., Toby Carvery, Vintage Inns, All Bar One,O'Neill's, Nicholson's and Browns. In addition, Mitchells & Butlers operates alarge number of individual city centre and residential pubs. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of Mitchells & Butlers plc ("Mitchells &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 the offeror or Mitchells & Butlers, or byany of their respective "associates", must be disclosed by no later than 12.00noon (London time) on the London business day following the date of the relevanttransaction. 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:
Mitchells & ButlersPunch Taverns PLC