Business
Response to Cash Offer
Response to Cash Offer.
About this update from Jd Sports Fashion Plc
[{"type":"text","content":"\n John David Group (The) PLC\n25 May 2005\n\n\n25 May 2005\n\n\n THE JOHN DAVID GROUP PLC ('JD')\n\nDocument issued in response to the Cash Offer by Goldman Sachs International on\n behalf of Manchester Square Enterprises Limited for JD ('the Offer')\n\nThe Independent Directors of JD, being all the Directors of JD other than John\nWardle and David Makin ('the Independent Directors'), will today post to JD\nShareholders and holders of options under the JD Share Option Schemes their\nresponse to the Offer and their advice to JD Shareholders. Copies of the\ndocument ('Response Document') are available from Investec Investment Banking, 2\nGresham Street, London EC2V 7QP.\n\nThe Response Document includes a recommendation (extracted without material\nadjustment) from the Independent Directors which reads as follows:\n\n'The Independent Directors, who have been so advised by Investec Investment\nBanking, consider the terms of the Offer are neither fair nor reasonable so far\nas JD Shareholders are concerned. The Independent Directors are of the view that\nthe Offer fails to account for the significant improvement in JD's recent\ntrading performance as described in the Preliminary Results and that it\nundervalues JD's business, assets, goodwill and prospects.\n\nAccordingly, the Independent Directors recommend that you reject the offer, as\nthey intend to do in respect of any JD Shares which they own. In providing such\nadvice, Investec Investment Banking has taken into account the commercial\nassessments of the Independent Directors.'\n\nEnquiries: \n\nThe John David Group Plc Tel: 0870 873 0333\nPeter Cowgill, Executive Chairman\nBarry Bown, Chief Executive\nBrian Small, Finance Director\n\nInvestec Investment Banking Tel: 020 7597 5970\nDavid Currie\nStefan Borson\n\nHogarth Partnership Limited Tel: 020 7357 9477\nAndrew Jaques\nBarnaby Fry\n\nInvestec Investment Banking, a division of Investec Bank (UK) Limited, which is\nauthorised and regulated in the United Kingdom by the Financial Services\nAuthority, is acting for JD and for no one else in connection with the Offer and\nwill not regard anyone else as its customer in relation to the Offer.\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2568,"tagName":"div"}]