16th Oct 2007 12:06
McAlpine (Alfred) PLC16 October 2007 16 October 2007 Alfred McAlpine plc Statement re: Approach Alfred McAlpine plc ("Alfred McAlpine", the "Company" or the "Group") notes thecontinuing speculation with regard to a possible offer for the Company. The Board confirms that on 13 August 2007, Alfred McAlpine received an approachfrom Carillion plc ("Carillion") at an indication of 560 pence per ordinaryshare, comprising 25 per cent. in cash and the balance in Carillion ordinaryshares. The Board of Alfred McAlpine believed that this materially undervaluedthe Company and therefore did not progress discussions with Carillion. On 15 October 2007, the Company received a proposal from Carillion at 570 penceper ordinary share, again comprising 25 per cent. in cash and the balance inCarillion ordinary shares. The Board of Alfred McAlpine has rejected thisproposal as it believes that it materially undervalues the Company, particularlyin light of the Company's strong recent results; the expected value from thedemerger; and the low implied premium. On 2 August 2007, the Company released its interim results, which showedsignificant growth of 27 per cent. in underlying profit before tax,demonstrating the continued momentum across the Group during that period. Furthermore, as announced on 4 October 2007, the restructuring of the Groupcontinues to make good progress: • the sales of the PFI portfolio and Slate business are proceeding well, with a substantial level of interest from both trade and financial buyers; • the creation of a separately listed Business Services Group with strong positions in the attractive facilities management and consultancy markets, with continuing high growth opportunities; and • the creation of an integrated Infrastructure and Project Services business with strong positions in the civil engineering and building markets and in the growing market for the repair, maintenance and renewal of the nation's ageing infrastructure. The demerger is on schedule for completion during Spring 2008. The Board of Alfred McAlpine, which is being advised by JPMorgan Cazenove andTricorn Partners, remains convinced of the potential for significant valuecreation for shareholders from its current strategy. Press contact: James Longfield, Hogarth Partnership 020 7357 9477Rachel Hirst, Hogarth Partnership 020 7357 9477 JPMorgan Cazenove Limited, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting as financial adviser toAlfred McAlpine and no one else in connection with this announcement and willnot be responsible to anyone other than Alfred McAlpine for providing theprotections afforded to customers of JPMorgan Cazenove Limited nor for providingadvice in relation to this announcement. Tricorn Partners LLP, which is authorised and regulated in the United Kingdom bythe Financial Services Authority, is acting as financial adviser to AlfredMcAlpine and no one else in connection with this announcement and will not beresponsible to anyone other than Alfred McAlpine for providing the protectionsafforded to customers of Tricorn Partners LLP nor for providing advice inrelation to this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Carillion Plc