Rentokil Initial PLC
21 June 2000
RENTOKIL INITIAL plc
Recommended Offer
for the entire issued share capital of Ratin A/S
The following is a translation of an announcement which
was made by Rentokil Initial plc in Copenhagen today:
The Copenhagen Stock Exchange
21 June 2000
6 Nikolaj Plads
DK - 1007 Copenhagen K
Facsimile No. +45 33 12 86 13
MANDATORY EXCHANGE OFFER TO THE SHAREHOLDERS IN RATIN A/S
DEMAND FOR COMPULSORY ACQUISITION
On 30 March 2000 Rentokil Initial plc ('Rentokil
Initial') made a voluntary offer to the shareholders of
Ratin A/S ('Ratin') to exchange their A and B shares in
Ratin for newly issued ordinary shares in the capital of
Rentokil Initial (the 'Voluntary Offer'). The offer
period of the Voluntary Offer, after being extended,
expired on 29 May 2000.
At that date, as a result of acceptances of the Voluntary
Offer, Rentokil Initial held more than 90 per cent of
Ratin's share capital, representing more than 90 per cent
of the voting rights.
MANDATORY OFFER
In order to comply with the Danish Securities Trading Act
and the Danish Securities Council's Executive Order No.
827 of 10 November 1999, Rentokil Initial has today made
a mandatory offer to the remaining shareholders of Ratin
to exchange each of their A and B shares in Ratin for
34.706 new Rentokil Initial ordinary shares ('the
Mandatory Offer'). The offer document has been filed
with the Copenhagen Stock Exchange and the offer
advertisement will appear in tomorrow's edition of
Berlingske Tidende.
The consideration under the Mandatory Offer is identical
to that under the Voluntary Offer.
The Board of Ratin recommends that Ratin shareholders
accept the Mandatory Offer.
The full terms of the Mandatory Offer are set out in the
offer document. The offer document is being distributed
to shareholders listed in Ratin's register of
shareholders except shareholders resident in Australia,
Canada, Japan and certain states in the United States
where making the Mandatory Offer would be illegal under
the laws of that state. The offer document can be
obtained from Den Danske Bank, Emission, 2-12 Holmens
Kanal, DK - 1092 Copenhagen K, phone no. +45 33 44 51 30,
facsimile no. +45 33 44 50 78.
COMPULSORY ACQUISITION
In accordance with Ratin's articles of association (as
amended at the extraordinary general meeting on 15 June
2000), Rentokil Initial has also today given notice to
the remaining shareholders of Ratin requiring them to
transfer their shares in Ratin to Rentokil Initial in
exchange for new Rentokil Initial ordinary shares (the
'Notice').
The consideration for the compulsory acquisition, being
the exchange of 34.706 new Rentokil Initial ordinary
shares for each A or B share in Ratin, is identical to
the consideration offered under the Voluntary Offer and
the Mandatory Offer.
However, Ratin shareholders who are resident in Canada,
Australia, Japan and certain states in the United States
(where the issue of new Rentokil Initial ordinary shares
in exchange for Ratin shares would be illegal under the
laws of that state) will receive the cash equivalent of
the new Rentokil Initial ordinary shares to which they
would have been entitled. The cash equivalent will be
calculated on the basis of the closing middle market
price of 153.25p per Rentokil Initial ordinary share on
16 June 2000 (being the latest practicable date prior to
the printing of the Notice document).
The Notice has been sent to all registered shareholders
of Ratin, and a demand advertisement will be published in
tomorrow's edition of Berlingske Tidende.
QUERIES
Queries in connection with the Mandatory Offer and the
Notice should be directed to:
Den Danske Bank, Emission, Holmens Kanal 2-12, DK-1092
Copenhagen K, phone +45 3344 5130, fax +45 3344 5078
This announcement is not being and must not be
distributed or sent in, into or from Canada, Australia,
Japan or any state in the United States where the making
of the Mandatory Offer or the giving of the Notice would
be illegal under the laws of that state (an 'Excluded
State') (whether by use of the mails of, or by any means
or instrumentality of interstate or foreign commerce of,
or any facilities of a national securities exchange of,
Canada, Australia, Japan or any Excluded State) and doing
so may render invalid any purported acceptance.
Rentokil Initial plc Ratin A/S
*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.