Update on Formal Sale Process

RNS Number : 3452W

API Group PLC

25 January 2013

 



Press release

25 January 2013

API Group plc

Update on Formal Sale Process

The Board of API Group plc ("Board") (AIM:API), a leading manufacturer of specialist foils and packaging materials, notes the recent share price movement and speculation in relation to the potential sale of the Group.

The Company's last announcement on 29th November 2012 regarding the status of the formal sale process indicated that interested parties were being provided with access to management and due diligence information.  That process continues with the aim of securing a firm offer which can be considered by the Board and then, if appropriate, put to shareholders. Indicative proposals received to date have been below the closing mid-market price of API shares of 90p on 24th January 2013.

The Board wishes to emphasize that there can be no certainty that any formal offer will be made for the Company, or even proposed, or as to the level of any proposal or offer that may be made.  The Board reserves the right to alter any aspect of the formal sale process or to terminate it at any time and in such cases will make an announcement as appropriate. The Board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time. 

Further announcements will be made in due course, as and when appropriate.

- Ends -

For further information:

API Group plc
Andrew Turner, Group Chief Executive	Tel: [phone]
Chris Smith, Group Finance Director	www.apigroup.com

Numis Securities (Broker)
James Serjeant	Tel: [phone]
	www.numis.com

Cairn Financial Advisers (Nominated Adviser)
Tony Rawlinson / Avi Robinson	Tel: [phone]
	www.cairnfin.com
Altium (Financial Adviser)
Paul Lines / Simon Lord	Tel: [phone]
	www.altiumcapital.com

Media enquiries:

Abchurch
Henry Harrison-Topham / Quincy Allan	Tel: [phone]
[e-mail]	www.abchurch-group.com

 

END

 

 

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