29th Nov 2007 10:41
Montagu Private Equity LLP29 November 2007 Statement regarding Biffa plc Following the announcement made on 23 November, Montagu Private Equity LLP("Montagu") and Hg Pooled Management Limited ("HgCapital") made a furtherwritten approach to the board of Biffa plc ("Biffa" or the "Company") on 27November requesting talks with Biffa with a view to securing a recommendationfor a possible cash offer for the Company. Montagu and HgCapital are awaiting aresponse to this further written approach. Montagu and HgCapital made an initial approach to the Biffa board on 4 September2007 which was rejected on 7 September 2007. Following this rejection, the bidvehicle formed for the purpose of making any offer commenced the acquisition ofa shareholding in the Company. Montagu and HgCapital remain keen to enter into substantive discussions with theboard of Biffa and remain highly committed to pursuing a possible offer for theCompany. This interest has not been diminished by the recent announcement of thedeparture of Martin Bettington, the Biffa CEO. There can be no certainty that any further proposal will be made to the board ofBiffa or that any offer or transaction will result. A further announcement will be made if appropriate. Enquiries: Maitland Tel: +44 20 7379 5151Peter OgdenNeil Bennett 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 Biffa, all "dealings" in any "relevantsecurities" of Biffa (including by means of an option in respect of, or aderivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in "relevantsecurities" of Biffa, they will be deemed to be a single person for the purposeof Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Biffa by Montagu, HgCapital or Biffa, or by any of theirrespective "associates", must be disclosed by no later than 12.00 noon (Londontime) on the London business day following the date of the relevant transaction. 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:
BIFF.L