Business
Acquisition update
Acquisition update.
About this update from Croda International Plc
[{"type":"text","content":"\n \nRNS Number : 2558F Croda International PLC 26 October 2018 \n\nTHE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"), WHICH, INTER ALIA, SAVE WITH THE CONSENT OF THE PANEL ON TAKEOVERS AND MERGERS, REQUIRES A PARTY TO AN OFFER TO PROMPTLY MAKE AN ANNOUNCEMENT SHOULD IT DECIDE TO TAKE A COURSE OF ACTION DIFFERENT FROM ITS STATED INTENTIONS DURING THE PERIOD OF 12 MONTHS FROM THE END OF THE OFFER PERIOD EXPLAINING ITS REASONS FOR SO DOING.\n \nFor immediate release\n26 October 2018\nCRODA EUROPE LIMITED\nUpdate on strategy and reasons for changes to stated post-offer intentions with regard to Plant Impact plc \nCroda Europe Limited (\"Croda Europe\") announces that further to the completion of its recommended cash offer for the entire issued and to be issued ordinary share capital of Plant Impact plc (\"Plant Impact\")(\"the Offer\"), which was effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006 on 28 March 2018 (the \"Acquisition\"), its board of directors (the \"Croda Europe Board\") has taken certain necessary courses of action which differ from the statements of intent made pursuant to Rules 2.7(c)(iv) and 24.2 of the Code (the \"Stated Intentions\"), as set out in its announcement of 16 February 2018 and the scheme document published on 26 February 2018 (together, the \"Offer Documentation\").\nReasons for changes to the Stated Intentions\nAs set out in the Offer Documentation, it was the Croda Europe Board's intention, following completion of the Offer, to undertake an exercise to evaluate the market positioning and strategy of Plant Impact and how best to integrate Plant Impact, its activities and employees into the wider Croda group. This evaluation exercise is now complete and its findings have necessitated certain changes to the original Stated Intentions in order to best utilise Plant Impact's technology, skills and wider employee base and position the business effectively to address its end markets in a sustainable way.\nThese internal changes will have no impact on existing business, customer service levels or Croda's fundamental rationale for the acquisition. Overall the integration programme has been positive, with the majority of Plant Impact's employees being successfully integrat...