07 April 2006
MITCHELLS & BUTLERS PLC
Following recent representations made by the advisers to M&B, the Panel
Executive has been considering the application of Rule 2.4(b) of the Code to the
potential offer for M&B referred to in R20's announcement of 13 March 2006.
Following discussions with both parties' advisers, the Panel Executive has ruled
that R20 must, by 12.00 noon on 8 May 2006, either announce a firm intention to
make an offer for M&B under Rule 2.5 of the Code or announce that it does not
intend to make an offer for M&B. No extension to this deadline will be granted,
except with the consent of the Panel Executive. In the event that R20 announces
that it does not intend to make an offer for M&B, R20 and any person acting in
concert with it will, except with the consent of the Panel Executive, be bound
by the restrictions contained in Rule 2.8 of the Code for six months from the
date of such announcement.
Each of the parties has accepted this ruling.
7 April 2006
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