20th Sep 2006 12:22
UTV PLC20 September 2006 UTV plc 20 September 2006 WITHDRAWAL OF MERGER PROPOSAL FOR SMG PLC UTV plc ("UTV") has today written to the Board of SMG plc ("SMG") to confirmthat it no longer intends to pursue its merger proposal with SMG. In reachingits decision, the board of UTV has taken into account the interim results of SMGannounced on 13 September 2006 and the ongoing weakness in the advertisingmarket faced by the ITV network. As a consequence of this statement, the City Code on Takeovers and Mergersprohibits UTV from, inter alia, announcing an offer or possible offer for SMGwithin six months of today's date unless there is a material change ofcircumstances or there has occurred an event which UTV has specified in thisstatement as an event which would enable the statement to be put aside.Accordingly, UTV reserves the right to announce an offer or possible offer forSMG and/or to take any other action which would otherwise be restricted underRule 2.8 of the City Code within six months of the date of this statement in theevent that either: (i) an agreement or recommendation from the board of SMG is forthcoming; or (ii) there is an announcement by a third party of an offer (as defined in the City Code) for SMG; or (iii) SMG announces a "whitewash" proposal (as described in Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover. Press enquiries: UTV plcJohn McCann, Group Chief Executive Tel: +44 (0)28 9026 2202 Felicity Templeton, Head of Press and PR Tel: +44 (0)28 9026 2188 Numis Securities LimitedJag Mundi, Head of Corporate Finance Tel: +44 (0)20 7776 1582 PowerscourtAnthony Silverman, Director Tel: +44 (0)20 7236 5615 Numis Securities Limited, which is authorised and regulated by the FinancialServices Authority, is acting exclusively for UTV and for no-one else inconnection with the matters referred to in this announcement and will not beresponsible to anyone other than UTV for providing the protections afforded tocustomers of Numis Securities Limited nor for giving advice in relation to thematters referred to in this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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