Business
Scheme Of Arrangement Becomes Effective
Scheme Of Arrangement Becomes Effective.
About this update from Barratt Redrow Plc
[{"type":"text","content":"\n\nNOT 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 THAT JURISDICTION\nFOR IMMEDIATE RELEASE\n21 August 2024\nRECOMMENDED ALL-SHARE OFFER FOR THE COMBINATION\nof\nBARRATT DEVELOPMENTS PLC (\"Barratt\")\nand\nREDROW PLC (\"Redrow\")\nto be effected by means of a scheme of arrangement under\nPart 26 of the Companies Act 2006\nSCHEME OF ARRANGEMENT BECOMES EFFECTIVE\nOn 7 February 2024, the boards of Barratt and Redrow announced the terms of a recommended all-share offer for the combination of Barratt and Redrow, pursuant to which Barratt will acquire the entire issued and to be issued ordinary share capital of Redrow (the \"Combination\") to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the \"Scheme\"). The circular in relation to the Scheme (the \"Scheme Document\") was published on 19 April 2024.\nOn 19 August 2024, Barratt and Redrow announced that Barratt has waived the Regulatory Condition and that the Court Sanction Hearing had been scheduled to be held on 20 August 2024.\nOn 20 August 2024, Redrow announced that the High Court of Justice in England and Wales had sanctioned the Scheme at the Court Sanction Hearing held on that day.\nScheme effective\nBarratt and Redrow are pleased to announce that, following the delivery of a copy of the Court Order to the Registrar of Companies, the Scheme has today become Effective in accordance with its terms and, pursuant to the Scheme, the entire issued and to be issued share capital of Redrow is now owned by Barratt.\nAs expected, and in accordance with standard practice, the CMA has issued an Initial Enforcement Order that will require the Barratt and Redrow businesses to continue to operate independently until the CMA has formally accepted the undertakings proposed by the parties or a modified version, or otherwise agrees to integration taking place. The Initial Enforcement Order takes effect today and the CMA has also announced today that it considers there are reasonable grounds to believe that the undertakings offered by the parties, or a modified version of them, might be accepted by the CMA to remedy the issues it had identified, thereby precluding the need for a P...