20th Jul 2007 07:27
Baugur Group20 July 2007 Baugur Group hf. 20 July 2007 For immediate release 20 July, 2007 Not for release, publication or distribution, in whole or in part, in into or from any jurisdiction where it would be illegal to do so Baugur Group hf. (Baugur) No intention to make an offer for Debenhams Plc (Debenhams) Following recent press comment, Baugur confirms that it has no currentintention to make an offer for Debenhams or to acquire a shareholding in Debenhams which would trigger an obligation to make an offer for the shares inDebenhams.* *Under Rule 2.8 of the City Code on Takeovers and Mergers, this announcementwill prevent Baugur for a period of six months from today from, inter alia,announcing an offer or possible offer for Debenhams unless there is a materialchange of circumstances or there has occurred an event which has been specifiedin this announcement as an event which would enable the statement in theasterisked paragraph above to be set aside. Baugur accordingly reserves itsrights under Rule 2.8 of the Code to announce an offer or possible offer forDebenhams and/or to take any other action otherwise precluded under Rule 2.8 ofthe Code within six months of the date of this announcement in the event that: (i) the board of directors of Debenhams agrees to the making of such an announcement or the taking of such action; or (ii) a third party announces an offer or a possible offer for Debenhams; or (iii)Debenhams or a third party announces a whitewash proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 in the Code) or a reverse takeover (as described in Note 2 to Rule 3.2 of the Code) in respect of Debenhams; or (iv) Debenhams undertakes or announces an intention to undertake any acquisition, disposal, merger, joint venture or scheme of arrangement involving a material amount (where material is defined in Note 2 to Rule 21.1 of the Code). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Debenhams