Business
Statement re Possible Offer
Statement re Possible Offer.
About this update from Grainger Plc
[{"type":"text","content":"\n RNS Number : 3703J Grainger PLC 29 March 2010 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n\n29 March 2010\n \nGrainger plc (\"Grainger\") - Statement re possible offer for Sovereign Reversions plc (\"Sovereign Reversions\")\nGrainger notes the announcement by Sovereign Reversions earlier today and confirms that it has made a preliminary approach to the Board of Sovereign Reversions with a view to entering into discussions about a possible offer for Sovereign Reversions. Grainger currently envisages making an offer at 185p in cash per Sovereign Reversions share. An offer at this level would represent a premium of 51% to the Sovereign Reversions closing price on 26 March 2010 (the last business day prior to the announcement by Sovereign Reversions of a possible offer approach).\nGrainger would like to emphasize that there can be no certainty that an offer for Sovereign Reversions will be forthcoming. A further announcement will be made in due course if appropriate.\nPursuant to Rule 2.4 (c) of the Code, Grainger reserves the right to reduce the level of this possible offer if Sovereign Reversions pays a dividend or makes any other distribution to its shareholders in which case Grainger would make an equivalent reduction. Grainger also reserves the right to reduce the level of this possible offer with the recommendation of the Board of Sovereign Reversions. In addition, Grainger reserves the right to introduce other forms of consideration in substitution for all or part of the cash consideration.\nThis announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of The City Code on Takeovers and Mergers (the \"Code\").\n \nEnquiries:\n\n\n\n\nGrainger\nAndrew Cunningham, Chief Executive\nDave Butler\n\n\n \nTel: +44 (0)20 7495 4700\n\n\n\n\n \n\n\n\n\nJ.P. Morgan Cazenove \n\n\n\n\n\n\n\nRobert Fowlds\n\n\nTel: +44 (0)20 7588 2828\n\n\n\n\nBronson Albery\n\n\n\n\n\n\n\n \n\n\n\n\nFinancial Dynamics\n\n\n\n\n\n\n\nStephanie Highett\n\n\nTel: +44 (0) 20 7831 3113\n\n\n\n\nDido Laurimore\n\n\n\n\n\n\n\n \nThe release, distribution or public...