Business
Disposal of CIC Australia Ltd
Disposal of CIC Australia Ltd.
About this update from Coats Group Plc
[{"type":"text","content":"\n \nRNS Number : 9938E Guinness Peat Group PLC 17 May 2013 \n \n\n \nGUINNESS PEAT GROUP PLC\n(\"GPG\" or the \"Company\")\n \n \nPEET LIMITED TAKEOVER OFFER FOR CIC AUSTRALIA LIMITED\n \n \n \n \nGPG announces that it has accepted Peet Limited's (\"Peet\") takeover offer for its 73% shareholding in CIC Australia Limited (\"CIC\").\n \nGPG also notes that Peet has today announced that its takeover offer for CIC is 'unconditional' and therefore GPG expects to receive total sale proceeds (including the recently announced CIC dividend) of approximately A$57.7 million (£37.5million).\nGPG has accepted Peet's takeover offer because it believes it is compelling relative to other value realisation alternatives. Given Peet's already established relevant interest in 19.9% of CIC and the fact that CIC has undertaken an extensive review process and has assessed a number of possible alternatives, GPG currently sees little prospect of a superior proposal emerging.\n \n \n \n \nChris Healy\nCompany Secretary\nGuinness Peat Group plc\nTel: +44 20 7484 3370\n \n \n17 May 2013\n \n \n \n \nEnquiry details are:\n \nNew Zealand and Australian media: Geoff Senescall on: +64 9 309 5659\nUK ...