3rd Oct 2006 15:09
Grainger Trust PLC03 October 2006 Grainger Trust plc For Immediate Release Statement re Unsolicited Proposal On 28 September 2006, Grainger Trust plc ("Grainger" or the "Company") announcedthat it had received a preliminary approach from a party which had expressed aninterest in formulating an offer for the Company. The Company then received aproposal from that party, namely Regis and Merrill Lynch. The board of Graingerhas rejected this proposal, as it significantly undervalues the Company'sprospects. Robert Dickinson, Chairman of Grainger, commented as follows: "The approach from Regis and Merrill Lynch was unwelcome. Our own plans providegreater value and certainty than a speculative offer from a private equityconsortium. In accordance with our usual practice, we will be issuing a year-endtrading statement this week, which will show the continuing strong performanceof the Company." Enquiries: Grainger:Rupert Dickinson 020 7795 4700Andrew Cunningham 0191 261 1819 Lazard (Joint Financial Adviser to Grainger) 020 7187 2000William RuckerPatrick Long JPMorgan Cazenove (Joint Financial Adviser and Corporate Broker to 020 7588 2828Grainger)Richard CottonRobert FowldsBronson Albery Financial Dynamics 020 7831 3113Stephanie HighettDido Laurimore Lazard & Co., Limited ("Lazard"), which is authorised and regulated in theUnited Kingdom by the Financial Services Authority, is acting exclusively forGrainger and no one else in relation to the matters referred to in thisannouncement and will not be responsible to anyone other than Grainger forproviding the protections afforded to clients of Lazard or for giving advice inrelation to the matters referred to in this announcement. JPMorgan Cazenove Limited ("JPMorgan Cazenove"), which is authorised andregulated in the United Kingdom by the Financial Services Authority, is actingexclusively for Grainger and no one else in relation to the matters referred toin this announcement and will not be responsible to anyone other than Graingerfor providing the protections afforded to clients of JPMorgan Cazenove Limitedor for giving advice in relation to the matters referred to in thisannouncement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Grainger plc