21st Dec 2005 12:11
Lookers PLC21 December 2005 21 December 2005 Lookers Plc Update on possible cash offer for Reg Vardy Plc Further to its announcement on 5 December 2005 regarding a possible cash offerfor the shares of Reg Vardy plc ("Vardy"), the Board of Lookers ("Lookers" or"the Company") confirms its continued progress in evaluating a potential offer. Lookers notes the first closing date of Pendragon's 800p offer for the shares ofVardy of 28 December 2005. The Company has made good progress with potentialproviders of finance for any offer and expects to be able to update the marketearly in the New Year. The Directors believe that the combination of Vardy andLookers would represent a compelling strategic fit based on a shared culture andapproach and complementary geographic and manufacturer fit. Any offer by Lookers for Vardy remains subject to, inter alia, the finalisationof financing arrangements which must be satisfied before any offer can be made.Accordingly, there can be no certainty that any offer will be made nor as to theterms on which any such offer may be made. Enquiries : Andrew Hayes/Nick Lyon/James HillHudson Sandler 020 7796 4133 Andrew ThomasN M Rothschild & Sons Limited 0161 827 3800 Dealing Disclosure Requirements: Under 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 Reg Vardy plc, all "dealings" in any "relevant securities" of that company (including by means of an optionin respect of, or a derivative referenced to, any such "relevant securities")must be publicly disclosed by no later than 3:30pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Reg Vardy plc, they will be deemed to be asingle person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Reg Vardy plc, or by any of their respective "associates", mustbe disclosed by no later than 12:00 noon (London time) on the London businessday following the date of the relevant 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 the virtue of any optionin respect 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:
LOOK.LPDG.L