Business
Statement regarding revised a
Statement regarding revised a.
About this update from Costain Group Plc
[{"type":"text","content":"\n RNS Number : 8523Z Costain Group PLC 21 January 2011 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE TAKEOVER CODE (THE \"CODE\"). IT DOES NOT REPRESENT A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.5 OF THE CODE. ACCORDINGLY, THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL ULTIMATELY BE MADE.\n \n \nCostain Group PLC\n(\"Costain\" or the \"Company\")\n \nStatement regarding revised share and cash proposal to Mouchel Group plc (\"Mouchel\")\n \nThis is an announcement falling under Rule 2.4 of the Code. It does not represent a firm intention to make an offer under Rule 2.5 of the Code. Accordingly, there can be no certainty that any offer will ultimately be made.\n \nSummary\n \n· Following extensive discussions with both Costain's and Mouchel's shareholders, the Board of Costain has, after detailed consideration tabled, with the Board of Mouchel on 19 January 2011, a significantly enhanced proposal to make a recommended offer for Mouchel (the \"Revised Proposal\")\n \n· The Revised Proposal comprises 0.5531 new Costain ordinary shares and 30.0p in cash for each Mouchel share which, based on Costain's share price of 222.75p as at the close of business on 20 January 2011 (being the last business day prior to the date of this announcement), in aggregate values each Mouchel share at approximately 153.2p. A mix and match facility would also be provided \n \n· The Revised Proposal represents a premium of approximately 171 per cent. to the closing Mouchel share price of 56.5p per share on 3 December 2010 (being the last business day prior to Mouchel entering into its current offer period)\n \n· The Board of Costain believes that the Revised Proposal is highly attractive to both Mouchel's and Costain's shareholders and would:\n \no create one of the UK's premier solutions providers, wi...