18th Apr 2008 17:11
J.C. Flowers & Co LLC18 April 2008 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,CANADA OR JAPAN 18 April 2008 For Immediate Release J.C. Flowers & Co. LLC ("J.C. Flowers") Statement Re Friends Provident Plc ("Friends Provident") J.C. Flowers announced on 14 April 2008 its intention to formally withdraw itsproposal to acquire Friends Provident in the event that the Board of FriendsProvident refused to engage in discussions with J.C. Flowers prior to the closeof business on Friday, 18 April 2008. J.C. Flowers confirms that the Board ofFriends Provident has not engaged in discussions with it and is thereforeformally withdrawing its proposal. J.C. Flowers accordingly confirms that it has no present intention of making anoffer for Friends Provident. Under Rule 2.8 of the City Code on Takeovers and Mergers, and except with theconsent of the Panel, the statement in the preceding paragraph will prevent J.C.Flowers or anyone acting in concert with it from announcing an offer or possibleoffer for Friends Provident or taking certain other action within the next sixmonths unless there is a material change of circumstances or there has occurredan event which is specified as enabling the statement to be set aside.Accordingly, for the purposes of Rule 2.8 of the City Code, J.C. Flowersreserves the right (on behalf of itself and anyone acting in concert with it) toannounce an offer or possible offer for Friends Provident and/or to take anyother action which would otherwise be restricted under Rule 2.8 of the City Codewithin the next six months in the event that: (i) the agreement or recommendation of the board of Friends Provident isgiven to the making of such an announcement or the taking of any such otheraction; (ii) a third party announces an offer for Friends Provident; or (iii) Friends Provident announces a 'whitewash proposal' or a 'reverse takeover' (each as defined in the Takeover Code). Enquiries: Madano Partnership (PR Adviser to J.C. Flowers)Charles Reynolds / Matthew Moth / Mark Way+44 207 593 4000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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