Rentokil Initial PLC
29 September 2005
Update on potential disposal of Initial Style Conferences
Rentokil Initial plc ('Rentokil' or the 'Company') updates investors that the
process to dispose of Initial Style Conferences Limited ('Style Conferences')
announced on 25th August is continuing on track, and that the asset has
attracted a significant amount of initial interest from potential acquirors.
After receiving more than 20 indicative bids based on confidential information
distributed to a variety of qualified parties, the Company has significantly
narrowed the number of parties progressing to the next phase of the process.
This will involve dissemination of further detailed information prior to
potential acquirors submitting firm and binding offers for Style Conferences. No
party indicating a bid at or below £300m is being taken through to the next
phase.
Rentokil now expects to announce the conclusion of the process and the sale of
Style Conferences by the end of November. The Company clarifies that there can
be no certainty as to the final outcome of any potential sale of Style
Conferences.
Further details will be provided in due course if appropriate.
Enquiries:
Rentokil Initial plc +44 (0) 1342 833022
Mark Boyle, Group Acquisitions Director
Greenhill & Co. International LLP +44 (0) 20 7440 0400
Simon Borrows
Edward Wakefield
Brunswick Group LLP +44 (0) 20 7404 5959
John Sunnucks
Gill Ackers
Greenhill & Co. International LLP ('Greenhill & Co.'), which is regulated by the
Financial Services Authority, is acting for Rentokil Initial plc in connection
with its potential divestiture of Initial Style Conferences Limited and for no
one else and will not be responsible to anyone other than Rentokil Initial for
providing the protections afforded to customers of Greenhill & Co. nor for
providing advice in relation to this potential transaction.
This information is provided by RNS
The company news service from the London Stock Exchange
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