Business
Statement Regarding Possible Offer for NAHL
Statement Regarding Possible Offer for NAHL.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6028L\n Frenkel Topping Group PLC\n 13 January 2021\n \n \n \n \n \n \n \n THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\")\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n 13 January 2021\n \n \n Frenkel Topping Group plc\n \n \n (\"\n Frenkel Topping\n \" or the \"\n Group\n \")\n \n \n \n \n \n Statement Regarding Possible Offer for NAHL\n \n \n \n \n \n Frenkel Topping today announces that it has concluded not to make a firm offer for NAHL Group plc (\"NAHL\") and that the parties have agreed to terminate discussions. Frenkel Topping will separately provide an update on trading and its financial performance for the year ended 31 December 2020 on 14 January 2021.\n \n \n \n \n \n The basis and rationale for a possible combination of the two companies was set out in the Frenkel Topping's announcement of 23 September 2020. Since that date, Frenkel Topping and NAHL have engaged in constructive and open discussions and a period of mutual due diligence. It has however become apparent that a combination presents certain commercial and integration challenges. Therefore, the Board of Frenkel Topping believes that other growth and acquisition opportunities are more compelling at this time and in the best interest of its shareholders. The Board of Frenkel Topping recognises that this is a disappointing outcome but, as a significant shareholder in NAHL, also wishes NAHL the best for the future.\n \n \n \n \n \n As a result of this announcement, Frenkel Topping, and any person acting in concert with Frenkel Topping, is bound by the restrictions under Rule 2.8 of the Code save in the circumstances set out below or otherwise with the consent of the Panel on Takeovers and Mergers (the \"Panel\").\n \n \n Under Note 2 on Rule 2.8 of the Code, Frenkel Topping, and any person acting in concert with Frenkel Topping, reserves the right to announce an offer or make or participate in an offer or possible offer for NAHL or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within six months from the date of this announcement in the following circumstances: (a) with the agreement of the board of...