Business
Statement
Statement.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n RNS Number : 7780U Flomerics Group PLC 19 May 2008 \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n\nFOR IMMEDIATE RELEASE\n\n19th May 2008\n\n\nFLOMERICS GROUP PLC\n\nStatement re: Posting of Offer Document following Unsolicited Offer\n \n \nThe Board of Directors of Flomerics Group PLC (\"Flomerics\" or the \"Company\") notes the statement by Mentor Graphics, Inc. (\"Mentor\") that it has posted an offer document to Flomerics shareholders in respect of its unsolicited offer for all the outstanding shares and stock options in Flomerics at a price of 104 pence per share payable in cash (the \"Offer\"). \n \nThe Board of Directors of Flomerics continues to believe the Offer materially undervalues the Company and is actively engaged in assessing other alternatives available to the Company, including potential interest expressed by a number of other parties, which are the subject of ongoing discussions. Shareholders are therefore strongly urged to ignore any documents or announcements that may be made or issued by Mentor or its advisers and not to sell their valuable Flomerics shares.\n\nDavid Mann, Chairman of Flomerics commented: \"We have previously stated that the Offer, which is unsolicited, has been considered by the Board of Flomerics, in conjunction with its independent adviser, and we have unanimously concluded that it does not reflect the true value of Flomerics shares. As such, the Offer does not carry the recommendation of the Flomerics Board of Directors as we do not believe it is in the best interests of Flomerics shareholders.\" \n\nThe Board of Directors intends to write to its shareholders in due course to explain its current position with regard to the Mentor Offer.\n\nAny discussions with other interested parties continue to be at an early stage and there can be no certainty that an alternative offer will be forthcoming. However, shareholders are strongly recommended to take no action at this stage. A further announcement will be made in due course.\n \nEnquiries: \n \n\n\n\n\nFlomerics Group PLC\nGary Carter\nKeith Butcher\n\n\n\nTel: 020 8487 3000\n\n\n\n\nJefferies International Ltd (Financial adviser to Flomerics)\nAndres Pieczanski\nSarah McNicholas\n\n\n\nTel: ...