Computacenter PLC
1 June 2000
Computacenter seeks to make recommended offer for Compel
The Board of Computacenter plc ('Computacenter')
announces that it has recently approached the Board of
Compel Group plc ('Compel') with a conditional proposal
to acquire the whole of Compel at a price of 275p per
share in cash, valuing Compel at approximately £85
million. The making of an offer at this price and the
confirmation of its terms is subject to (i) Computacenter
receiving certain limited due diligence information in
relation to Compel and such information proving
satisfactory to Computacenter; and (ii) Compel's Board of
Directors recommending the offer for acceptance.*
Currently, the Board of Compel has not agreed to provide
the due diligence information requested. This
announcement is being made to facilitate a more open
discussion with Compel's shareholders on the attractions
of Computacenter's proposal.
Mike Norris, chief executive of Computacenter said 'I
continue to hope that the Compel Board will co-operate
with our approach. An offer would provide Compel
shareholders with the opportunity to exit, at a
significant premium to the current share price and in
cash, from a market which is both scale sensitive and
consolidating'.
* It should be noted that Computacenter reserves the
right to waive either or both of the preconditions
referred to above and that even if such preconditions are
satisfied (or waived) an offer will not necessarily be
made.
Press enquiries
Brunswick Jon Coles 020 7404 5959
Catriona Booth
HSBC Investment Bank Plc 020 7336 9000
(Corporate Finance) David Blake
Alastair Moreton
(Corporate Broking) John Hannaford
Ashank Patel
HSBC Investment Bank plc ('HSBC'), which is regulated in
the United Kingdom by The Securities and Futures
Authority, is acting for Computacenter plc and no one
else in connection with the matter referred to in this
announcement and will not be responsible to anyone other
than Computacenter plc for providing the protections
afforded to customers of HSBC, nor for providing advice
in relation to the matter referred to in this
announcement.
*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;
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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.
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