Response to revised proposal

RNS Number : 9461Z
De La Rue PLC
24 January 2011
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION (INCLUDING THE UNITED STATES) WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

 


24 January 2011

 

 

FOR IMMEDIATE RELEASE

 

De La Rue PLC ("De La Rue" or the "Company")

Rejection of revised proposal from François-Charles Oberthur Fiduciaire S.A. ("Oberthur")

 

The Board of De La Rue (the "Board") announces that it has received this weekend an oral indication from Oberthur that it is prepared to increase its indicative proposal for the Company to a price of 935 pence per De La Rue share.

 

The Board, which is being advised by Rothschild and J.P. Morgan Cazenove, has considered this revised proposal carefully and believes that it continues to undervalue significantly the strong fundamentals of the Company and its long term prospects.  Accordingly, the Board has unanimously rejected this revised proposal and informed Oberthur that it does not intend to pursue this latest approach.

 

This announcement is being made without the consent of Oberthur and accordingly there can be no certainty any offer will be forthcoming or as to the terms of any offer.

 

Nicholas Brookes, Chairman of De La Rue, said:

 

"The Board has carefully considered Oberthur's revised proposal and believes that it continues to significantly undervalue the Company and its prospects. The Board therefore unanimously rejected this latest approach. With the recent appointment of Tim Cobbold to lead a restructured and strengthened management team, the Board is confident that De La Rue has a promising future as an independent company."

 

Tim Cobbold, Chief Executive of De La Rue, said:

 

"My first few weeks at De La Rue have confirmed my view that De La Rue is a high quality business with substantial potential in growing markets.  There are, of course, opportunities for improvement, building on changes already made, but shareholders should be in no doubt of my absolute commitment to realise De La Rue's full potential and deliver significant value."

 

 

Enquiries:

 

De La Rue

Nicholas Brookes (Chairman)

Tim Cobbold (Chief Executive)

Colin Child (Group Finance Director)

 

01256 605000

Brunswick

Jon Coles

Kate Holgate

 

020 7404 5959

Rothschild

Crispin Wright

Neil Thwaites

 

020 7280 5000

J.P. Morgan Cazenove

Michael Wentworth-Stanley

Alex Garner

020 7588 2828

 

 

A copy of this announcement will be available at www.delarue.com.  The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

 

NM Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated by the Financial Services Authority, is acting exclusively as independent financial adviser to De La Rue and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than De La Rue for providing the protections afforded to clients of Rothschild or for providing advice in relation to this matter, the content of this announcement or any matter referred to herein. Neither Rothschild nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Rothschild in connection with this announcement, any statement contained herein or otherwise.

 

J.P. Morgan plc, which conducts its UK investment banking business as J.P. Morgan Cazenove and is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively as independent financial adviser to De La Rue and no one else in connection with the subject matter of this announcement and will not be responsible to any other person for providing the protections afforded to its clients nor for providing advice in relation to the subject matter referred to in this announcement.

 


This information is provided by RNS
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