Carillion PLC
02 November 2007
Not for release, publication or distribution, in whole or in part, in or into or
from any jurisdiction where to do so would constitute a violation of the
relevant laws of such jurisdiction
2 November 2007
For Immediate Release
Offer Update
Further to previous announcements, the Boards of Carillion plc ('Carillion') and
Alfred McAlpine plc ('Alfred McAlpine') are pleased to announce that they have
reached agreement regarding a proposed offer by Carillion for Alfred McAlpine
and that Carillion has been granted access for a limited period of due diligence
on Alfred McAlpine. The revised proposal values each Alfred McAlpine ordinary
share at 585 pence and comprises 25 per cent. cash consideration with the
balance in new Carillion ordinary shares.
Subject to its detailed terms and conditions the Board of Alfred McAlpine has
confirmed if such an offer were to be made it would receive its unanimous
recommendation.
Carillion and Alfred McAlpine believe that a combination of the two companies
would present an excellent strategic fit, with the potential to create a company
with a leading position in support services and integrated solutions.
Carillion received non-binding letters of intent over 14.89 per cent. of Alfred
McAlpine's issued share capital from Schroder Investment Management Limited and
New Star Asset Management Limited to accept, if made, a possible offer by
Carillion at a value of 585 pence for each ordinary Alfred McAlpine share. The
letters will lapse if an announcement of a firm intention to make an offer is
not released by 14 December, 2007. In addition, the letters will also cease to
apply to shares which are disposed of by the holder. The letters of intent
relate to 10,582,615 Alfred McAlpine shares held by Schroder Investment
Management Limited (on their own behalf and on behalf of discretionary clients)
and 4,681,590 Alfred McAlpine shares held by New Star Asset Management Limited.
Shareholders should be aware that even after the due diligence process is
completed, it is not certain that Carillion will make an offer, and that
pursuant to Rule 2.4(c) of the UK Takeover Code, Carillion also reserves the
right, with the recommendation of the Board of Alfred McAlpine, to make an offer
for Alfred McAlpine at a lower price and / or to vary the mix of consideration
specified.
A further announcement will be made when appropriate.
Enquiries:
Carillion plc
Carillion plc
John Denning +44 (0) 1902 316 426
Maitland
Angus Maitland +44 (0) 20 7379 5151
Alfred McAlpine plc
James Longfield, Hogarth Partnership +44 (0) 20 7357 9477
Rachel Hirst, Hogarth Partnership +44 (0) 20 7357 9477
This information is provided by RNS
The company news service from the London Stock Exchange
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