Business
Intention not to make an offer for Crimson Tide
Intention not to make an offer for Crimson Tide.
About this update from Checkit 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.\n \nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\").\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n26 June 2024\n \nCheckit plc\n(\"Checkit\", the \"Company\" or the \"Group\")\n \nStatement of intention not to make an offer for Crimson Tide plc\nFurther to the announcement made by the Company on 4 June 2024 in connection with a possible all-share offer for Crimson Tide plc and the subsequent announcements made by Crimson Tide on 5 June 2024 and 21 June 2024, the Checkit Board confirms that it does not intend to make an offer to acquire Crimson Tide. Accordingly, except with the consent of the Takeover Panel, Checkit, and any person acting in concert with Checkit, is bound by the restrictions under Rule 2.8 of the Code.\nUnder Note 2 on Rule 2.8 of the Code, Checkit, and any person acting in concert with Checkit, reserves the right to set aside the restrictions in Rule 2.8 of the Code and announce an offer or possible offer for Crimson Tide, or make or participate in an offer or possible offer for Crimson Tide, and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the following circumstances:\nI. with the agreement or recommendation of the Crimson Tide Board;\nII. following the announcement of a firm intention to make an offer for Crimson Tide, by or on behalf of a third party;\nIII. following the announcement by Crimson Tide of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and/or\nIV. if there has been a material change of circumstances (as determined by the Takeover Panel).\nThe individual responsible for releasing this announcement is Kit Kyte, Chief Executive Officer of Checkit.\nCapitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement of...