Bodycote International PLC
27 April 2007
NOT FOR RELEASE PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA OR JAPAN
Bodycote International plc ('Bodycote' or the 'Group')
Response of Board of Bodycote to Sulzer AG ('Sulzer') announcement
The Board of Bodycote notes Sulzer's recent announcement that it is no longer
considering making an offer for the Group. The Board wishes to clarify that it
has had further discussions since its most recent announcement earlier today
with Sulzer and its advisors in which Sulzer and its advisors made clear that
the maximum incremental price that they may have been prepared to propose as a
result of access to due diligence and a board recommendation would have been 2p
per share, conditionally increasing their proposal to 342p per share plus the
final dividend of 4.5p.
The Board continued to believe that this undervalued the Group and its prospects
and would not have been prepared to recommend an offer at this level. The Board
nonetheless offered Sulzer the opportunity to meet face to face to discuss a
potential way forward. The Board made it clear that, to this end, they were
prepared to seek the Takeover Panel's consent to extend the deadline for Sulzer
to have made a Rule 2.5 announcement or announced no intention to bid until 5pm
on Monday 30 April.
Sulzer declined to accept this proposal.
The Board remains confident in the prospects for the Group. The Board firmly
believes that the current strategy and proven track record of the management
will result in continued delivery of growth and excellent returns for
shareholders.
Enquiries:
Bodycote International plc 01625 505 300
John Hubbard
David Landless
Financial Dynamics 020 7831 3113
Jon Simmons
Andrew Dowler
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.