14th Nov 2005 07:02
Skyepharma PLC14 November 2005 FOR IMMEDIATE RELEASE 14 November 2005 SkyePharma PLC Strategic Review LONDON, ENGLAND, 14 November, 2005 -- SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)announces that following a recent unsolicited approach from a third party, theBoard of SkyePharma has decided to review all of its strategic options,including inter alia offers for the company as a whole. The Board has appointed Lehman Brothers as sole financial adviser to undertakethis review. There is no certainty that the review will result in any change tothe present ownership structure of the company. A further announcement will bemade when appropriate. For further information please contact: SkyePharma PLC +44 207 491 1777Peter Laing, Director of Corporate Communications +44 7766 906626Sandra Haughton, US Investor Relations +1 212 753 5780 Buchanan Communications +44 207 466 5000Tim Anderson / Mark Court/ Rebecca Skye Dietrich Notes to Editors About SkyePharmaSkyePharma PLC uses its world-leading drug delivery technology to developeasier-to-use and more effective formulations of drugs. The majority ofchallenges faced in the formulation and delivery of drugs can be addressed byone of the Company's proprietary technologies in the areas of oral, injectable,inhaled and topical delivery, supported by advanced solubilisation capabilities.For more information, visit http://www.skyepharma.com. Lehman Brothers Europe Limited, which is regulated in the United Kingdom by theFinancial Services Authority, is acting for SkyePharma PLC and no one else inrelation to the matters described in this announcement, and will not beresponsible to anyone other than SkyePharma PLC for providing the protectionsafforded to customers of Lehman Brothers Europe Limited or for providing adviceon matters described in this announcement. Dealing Disclosure RequirementsUnder the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the"Code"), if any person is, or becomes, "interested" (directly or indirectly) in1% or more of any class of "relevant securities" of SkyePharma PLC, all"dealings" in any "relevant securities" of that company (including by means ofan option in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3.30 pm (London time)on the London business day following the date of the relevant transaction. Thisrequirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an "interest" in "relevant securities" of SkyePharma PLC, they will bedeemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of SkyePharma PLC by SkyePharma PLC or by the potential offeror, orby any of their respective "associates", must be disclosed by no later than12.00 noon (London time) on the London business day following the date of therelevant 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:
SKP.L