4th Jul 2006 18:31
Yell Group plc04 July 2006 July 4, 2006 YELL SECURES MAJORITY OWNERSHIP OF TPI • Telefonica's acceptance gives Yell 59.905% of TPI equity • Yell Offer is full and final. It will end on July 24 Yell Group plc ("Yell") today welcomed Telefonica's acceptance of its Offer forTelefonica Publicidad e Informacion S.A. ("TPI") in respect of the 216,269,764TPI shares owned by Telefonica, representing 59.905% of TPI's total issued sharecapital. This is in accordance with the agreement Yell and Telefonica announcedon April 28 this year and follows both the commencement of the acceptance periodof Yell's Tender Offer on June 23 and the positive endorsement of Yell's Offergiven by the TPI Board on June 27 last week. It also means that the minimumacceptance level required by Yell for its Offer has now been reached.Accordingly, Yell looks forward to acceptances from the balance of TPI'sshareholders prior to the completion of the Offer period on July 24. Commenting, John Condron, CEO of Yell, said: "We are delighted that the TPI Board has unanimously recommended our Offer andthat Telefonica has now tendered all its shares in TPI immediately followingexpiry of the period during which any competitive bids could have been launched.The field is now clear for all of TPI's shareholders to accept our Offer. Welook forward to completion of the Offer at the end of July; to welcoming TPI aspart of the Yell Group; and to working with Javier Aguilera and his team tobuild on the foundations they have laid and realise the full potential of thisgreat directories business." Yell's Offer is for 8.50 euro per TPI share, valuing TPI's total issued equityat 3,069M• (£2,125M). In addition, TPI shareholders have already had the benefitof the 0.40 euro per share TPI dividend paid on May 5 in respect of TPI's 2005financial year. Yell's Offer is final and the acceptance period will end on July24. The acceptance period of Yell's Offer will not be extended. Commenting, Javier Aguilera, CEO of TPI, said: "Taking full account of the interests of all shareholders, the TPI board hasannounced its full and unanimous support for Yell's Offer. Members of TPI'smanagement team have also had the opportunity to meet Yell through the saleprocess, and we are excited by the opportunities facing us as an integrated partof Yell, the world's leading directories business." Ends The offer document and its ancillary documents may be consulted at the StockExchanges of Madrid (Plaza de la Lealtad 1, Madrid), Barcelona (Paseo de Gracia19, Barcelona), Bilbao (Calle de Jose Maria Olavarri 1, Bilbao) and Valencia(Calle de Libreros 2 and 4, Valencia), at the registered office of the BidderCompany (Calle Don Ramon de la Cruz 17, 1o izquierda, Madrid), at theregistered office of TPI (Avenida de Manoteras 12, Madrid), and at theregistered office of Banco Bilbao Vizcaya Argentaria, S.A. (Bilbao, Plaza de SanNicolas, numero 4). Enquiries Investors: Jill Sherratt: Yell Investor Relations Telephone: +44 (0) 118 950 6984 Enrique de Benito Ozores: TPI Investor Relations Telephone: +34 91 339 8629 Media Alejandra Moore: Grupo Albion on behalf of Yell Telephone: +34 91 531 23 88 Ana Portillo: TPI Telephone: + 34 91 339 63 04 Anthony Carlisle: Citigate Dewe Rogerson on behalf of Yell Telephone: +44 (0) 20 7638 9571 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HIBU.L