08 May 2006
For immediate release
5 May 2006
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
R20 Limited ("R20") update on proposal
submitted to Mitchells & Butlers plc ("M&B")
On 3 May 2006, R20, on behalf of a consortium of investors, submitted a proposal
to the board of M&B to acquire the whole of the issued share capital of M&B at a
price of 550p per share in cash. Further to the "put-up or shut-up" deadline of
8 May 2006 imposed by the Takeover Panel, the announcement made by M&B on
4 May 2006 and the decision of the board of M&B not to support the consortium's
proposal or to engage in discussions with it, the consortium has decided not to
make an offer to acquire M&B.
For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers, on
behalf of the consortium, R20 reserves the right to make an offer within the
next six months if the board of M&B decides to recommend such an offer, or if a
third party announces an intention to make an offer for M&B, or if M&B announces
a "whitewash" proposal or a reverse takeover.
Brunswick +44 20 7404 5959
The distribution of this announcement in jurisdictions other than 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 laws of any such jurisdiction.
Deutsche Bank AG, London Branch ("Deutsche Bank") is acting exclusively for the
consortium and no-one else in connection with the matters described in this
announcement and will not be responsible to anyone other than the consortium for
providing the protections afforded to clients of Deutsche Bank nor for providing
advice in relation to the matters described in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange