Irish Continental Group PLC
04 April 2007
4 April 2007
Irish Continental Group plc ('ICG' or the 'Company')
Offer Update Announcement
The Independent Directors of ICG have noted the announcement today from Doyle
Group Limited and One Fifty One plc (the 'Consortium') regarding the possible
offer from the Consortium for the entire issued and to be issued share capital
of the Company at a price of not less than €20.00 per ICG Unit (the 'Possible
Offer).
The shareholder meetings to consider the recommended offer (via a scheme of
arrangement) from Aella plc of €18.50 per ICG Unit (the 'Aella Offer') are due
to be held on 12 April 2007. In light of the fact that the Possible Offer, if
made, would be at a higher level than the Aella Offer, it is the Independent
Directors intention to seek an adjournment of each of the shareholder meetings
to be held on 12 April 2007. The length of the adjournment and timing for the
reconvened shareholder meetings will be communicated to shareholders in due
course.
The Independent Directors have had initial discussions with the Consortium
regarding the Possible Offer. However, shareholders should note that the
Possible Offer, is subject to the completion of confirmatory due diligence and
certain other conditions, and, consequently, there can be no certainty that an
offer will ultimately be forthcoming from the Consortium. Therefore, the
Independent Directors continue to recommend the Aella Offer. Notwithstanding
this, shareholders are advised to take no action in relation to either the
Possible Offer or the Aella Offer for the present time. A further announcement
will be made by the Independent Directors when appropriate.
Enquiries
Irish Continental Group plc Telephone +353 1 855 2222
Independent Directors
John B McGuckian
NCB Corporate Finance Telephone +353 1 611 5611
Liam Booth
Jonathan Simmons
Shane Lawlor
Drury Communications Telephone +353 1 260 5000
Billy Murphy
The Independent Directors of Irish Continental Group plc accept responsibility
for the information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure that such is
the case), the information contained in this announcement for which they take
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.
NCB Corporate Finance Limited, which is authorised in Ireland by the Financial
Regulator under the Investment Intermediaries Act 1995, is acting exclusively
for Irish Continental Group plc and no one else in connection with the
acquisition and will not be responsible to anyone other than Irish Continental
Group plc for providing the protections afforded to clients of NCB Corporate
Finance Limited nor for providing advice in relation to the acquisition.
This information is provided by RNS
The company news service from the London Stock Exchange
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