13 October 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
Response to announcement by Piedmont
The Independent Directors of the Board of Mitchells & Butlers plc (the "Company" or "Mitchells & Butlers") note the statement made by Piedmont Inc. that it will not proceed with its possible offer for the Company.
Interim Chairman, Bob Ivell, said: "The Independent Directors have been consistent in their view that an offer of 230p would substantially undervalue the Company. We will continue to focus on our growth strategy for developing Mitchells & Butlers further as the UK's leading operator of restaurants and managed pubs creating value for all shareholders."
Mitchells & Butlers
Tim Jones, Finance Director +44 121 498 5612
Erik Castenskiold, Director of Corporate Affairs +44 121 498 6513
UBS Investment Bank
Nick Reid +44 207 568 1000
Jackie Lee +44 207 568 1000
Nick Bishop +44 207 568 1000
James Murgatroyd +44 207 251 3801
James Leviton +44 207 251 3801
About Mitchells & Butlers:
Mitchells & Butlers serves around 120 million meals and 415 million drinks each year and is one of the largest operators within the UK's eating and drinking out market
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions.Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
The Independent Directors, whose names are set out below, accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Independent Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of that information.
The Independent Directors of Mitchells & Butlers are those Directors who are independent of Piedmont Inc., being Bob Ivell (Interim Chairman), Jeremy Blood (Interim CEO) and Tim Jones (Finance Director). Each of Ron Robson and Douglas McMahon were appointed to the Board by Piedmont Inc. and accordingly are not independent for the purposes of the possible offer previously disclosed (the "Possible Offer").
UBS Limited ("UBS") does not accept any responsibility whatsoever for the contents of this announcement or for any statement made or purported to be made by it or on its behalf in connection with the Possible Offer. UBS accordingly disclaims all and any liability whether arising in tort, contract or otherwise which it might otherwise have in respect of this announcement or any such statement. UBS is acting as Financial Adviser to Mitchells & Butlers and no-one else and will not be responsible to anyone other than Mitchells & Butlers for providing the protections offered to clients of UBS or for providing advice in relation to the Possible Offer or the contents of this announcement.