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Pearson PLC (PSON)

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Friday 11 June, 2010

Pearson PLC

Offer Update

RNS Number : 5170N
Pearson PLC
11 June 2010
 

 

 

ANNOUNCEMENT OF ACCEPTANCES AND EXTENSION OF THE OFFER

 

 

OFFER UPDATE

 

Pearson plc

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION

 

FOR IMMEDIATE RELEASE

 

11 June 2010

 

Recommended cash offer

 

by

 

Pearson plc

 

for

 

Melorio plc

 

 

 

OFFER EXTENDED TO 18 JUNE 2010

 

On 21 May 2010, Pearson plc ("Pearson") made an offer (the "Offer") for the entire issued and to be issued ordinary share capital of Melorio plc ("Melorio").

 

Pearson announces that, as at 1.00 p.m. on 11 June 2010, valid acceptances had been received in respect of a total of 23,811,617 Melorio Shares, representing approximately 60.4 per cent. of the issued share capital of Melorio.  This total includes acceptances received in respect of 15,878,385 Melorio Shares (representing approximately 40.3 per cent. of the issued share capital of Melorio) which were subject to irrevocable commitments procured by Pearson.

 

As at 1.00 p.m. on 11 June 2010, Pearson and those persons acting in concert with it had interests in or rights to subscribe for Melorio relevant securities (or short positions in respect of Melorio relevant securities) as follows:

 

Name

Nature of interest

Number of relevant securities

Percentage of Melorio issued share capital

Pearson

Shares owned

7,968,435

20.2 per cent.

Lazard & Co., Limited

none

 

 

Citigroup Global Markets Limited

none

 

 

J.P. Morgan Cazenove Limited

none

 

 

 

As at 1.00 p.m. on 11 June 2010, Pearson had also contracted to acquire an additional 101,200 Melorio Shares, settlement of which is expected to take place as soon as practicable.

 

As at 1.00 p.m. on 11 June 2010, there were no Melorio Shares in respect of which Pearson had outstanding irrevocable commitments or letters of intent.

 

As at 1.00 p.m. on 11 June 2010, Pearson may count 31,780,052 Melorio Shares (representing 80.6 per cent. of the issued share capital of Melorio) towards satisfaction of the acceptance condition to its Offer.

 

Pearson also announces that the Offer has been extended to 1.00 p.m. on 18 June 2010.

 

Terms defined in the Offer Document dated 21 May 2010 have the same meaning in this announcement.

 

Enquiries

 

Pearson plc

+44 (0)20 7010 2310

Luke Swanson

 

Simon Mays-Smith

 

Charles Goldsmith

 

 

 

Lazard & Co., Limited (Financial Adviser to Pearson)

+44 (0)20 7187 2000

Nicholas Shott

 

Giles Roshier

 

 

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such an offer or solicitation would be unlawful.

 

The availability of the Offer to persons outside the United Kingdom may be affected by the laws of other jurisdictions.  Such persons should inform themselves and observe any applicable requirements of those jurisdictions.  Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.

 

Lazard, which is regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to Pearson and no-one else in connection with the Acquisition and will not be responsible to anyone other than Pearson for providing the protections offered to clients of Lazard nor for providing advice in relation to the Acquisition.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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