Offer Talks Terminated

RNS Number : 7308U

Optare PLC

29 December 2011

 



Optare plc

29 December 2011

 Optare plc ("Optare" or the "Company") Termination of Offer Talks

The Company notes the withdrawal today of Alexander Dennis Limited's (ADL) interest in considering making an offer for the entire issued share capital of Optare.

Following receipt of a request for information on the afternoon of 23 December, the Independent Directors sought clarification from Ashok Leyland as to whether they had any interest in selling their stake in Optare. ADL's advisers were informed by emailed letter on December 24th that Ashok Leyland would not be interested and in consequence the Independent Directors asked for clarification as to whether ADL would still be interested in making a possible offer for the remaining 74% of the shares in the Company.

The Independent Directors have at all times sought to act in best interests of shareholders and therefore required to establish that an offer could be made by ADL before providing commercially sensitive information to a competitor. The Independent Directors have received no further correspondence from ADL or its advisers since 23 December.

On 28 December, Ashok Leyland further confirmed that it had no intention of selling its stake "at any price" and the Independent Directors note ADL's reaction to this.

The Company confirms that its General Meeting will be held on 6 January 2012.

Contacts:

Optare plc Jim Sumner, CEO Peter Phillips, CFO and Company Secretary	[phone]
Cenkos Securities plc Camilla Hume Stephen Keys	[phone]

 

END

 

 

OTTDKCDKKBDDQBB