29th Oct 2007 18:26
Takeover Panel29 October 2007 2007/35 RESOLUTION PLC ("RESOLUTION") STANDARD LIFE PLC ("STANDARD LIFE") The Executive notes the announcement released by Standard Life this morningindicating that it is exploring a number of options for restructuring itsproposed offer for Resolution, including to proceed by way of a takeover offerrather than a scheme of arrangement. Rule 19.3 of the Code states that "an offeror must not make a statement to theeffect that it may improve its offer without committing itself to doing so andspecifying the improvement". In addition, the third paragraph of PracticeStatement 7 states that "the Executive interprets the example set out in Rule19.3 of a statement that an offeror 'may improve its offer' as also encompassingstatements about offer amendments of a non-financial nature, for examplepossible changes to the structure of an offer, to the conditionality of an offeror to the non-financial terms of an offer". The Executive regards StandardLife's statement as a breach of Rule 19.3. Standard Life has confirmed to the Executive that there can be no certainty thatStandard Life will ultimately be able to restructure its offer. 29 October 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SLA.L