Offer Update

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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