Rentokil Initial PLC
26 May 2000
RENTOKIL INITIAL SUCCESS IN DANISH TAKOVER OF RATIN
Rentokil Initial announces that it has received
acceptances of over 90% in its takeover offer for Ratin
in Denmark as detailed in the attached announcement. The
offer can now be completed under Danish compulsory
acquisition procedures.
Ratin is a Danish listed company, the sole asset of which
is 919 million shares in Rentokil Initial (38.2% of the
present share capital). Under the takeover offer, 919
million new Rentokil Initial shares will be issued and
the shares held by Ratin will be cancelled.
Sir Clive Thompson, Chief Executive of Rentokil Initial
said:
'This successful takeover offer means that the present
19,000 shareholders in Ratin will become direct
shareholders in Rentokil Initial. This represents a
strong base of Danish, other European and North American
funds which will provide Rentokil Initial with a broad
spread of international investors. Our future plans
include being better appreciated as an international
investment opportunity. After all, our businesses trade
in 40 countries around the world and it is entirely
logical, therefore, that our shareholder base should be
similarly widely spread. We, therefore, plan to step up
our investor relations programme in Continental Europe
and North America.'.
The following announcement was made by Rentokil Initial
in Copenhagen earlier today:
The Copenhagen Stock Exchange 26 May 2000
6 Nikolaj Plads
DK-1007 Copenhagen K
Facsimile No. +45 33 12 86 13
Acceptances of Rentokil Initial plc's Exchange Offer to
shareholders of Ratin A/S exceed 90 per cent.
Rentokil Initial plc ('Rentokil Initial') is pleased to
announce that valid acceptances of its exchange offer
(the 'Offer') for Ratin A/S ('Ratin') have been received
in respect of over 90 per cent. of the entire issued
share capital of Ratin, representing over 90 per cent. of
the voting rights of Ratin.
Following the extension announced on Wednesday, 24 May
2000, the offer period will expire at 4 p.m. (Danish
time) on Monday, 29 May 2000, whereupon the Offer will be
wholly unconditional, save for the admission to trading
on the London Stock Exchange of the new ordinary shares
of Rentokil Initial to be issued pursuant to the Offer,
which is expected to occur on Tuesday, 30 May 2000.
The Rentokil Initial ordinary shares will be issued to
accepting Ratin shareholders in accordance with the
following timetable:
31 May 2000 Last day of trading on the Copenhagen
Stock Exchange of Ratin acceptance shares
9 June 2000 New Rentokil Initial ordinary shares
expected to be issued in exchange for Ratin
acceptance shares
Shareholders in Ratin who have not accepted the Offer by
4.00 p.m. (Danish time) on Monday, 29 May 2000 will be
entitled to exchange their shares in Ratin for new
Rentokil Initial ordinary shares on the same terms as the
original Offer, pursuant to a mandatory offer procedure
which will be launched within four weeks.
Subject to the approval of the shareholders of Ratin at
an extraordinary general meeting, a compulsory purchase
procedure under Danish law will be initiated by Rentokil
Initial in respect of all outstanding Ratin shares. This
will be for an exchange of shares on the same terms as
the original Offer.
Press enquiries:
Rentokil Initial plc
Sir Clive Thompson, Chief Executive
Charles Grimaldi, Corporate Affairs Director
+44 1342 833 022
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 offer 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.
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