Business
Termination of Proposed Disposal
Termination of Proposed Disposal.
About this update from Sig Plc
[{"type":"text","content":"\n \n \n RNS Number : 5508N\n SIG PLC\n 21 May 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION \n \n \n \n \n \n LEI: 213800VDC1BKJEZ8PV53\n \n \n \n \n \n 21 May 2020\n \n \n \n \n \n SIG plc\n \n \n Termination of Proposed Disposal of Building Solutions to Kingspan Group\n \n \n SIG plc (\"SIG\" or the \"Company\"), a leading supplier of specialist building materials to trade customers across Europe, announced on 7 October 2019 the disposal of Building Solutions (National) Limited (\"Building Solutions\") to Kingspan Group, a global leader in building envelope solutions based in Ireland (the \"Disposal\") for a consideration of 37.5m on a cash free, debt free basis. The Disposal was conditional upon the approval of the UK Competition & Markets Authority (\"CMA\"). The CMA referred the Disposal for a Phase 2 investigation on 21 April 2020, following the outcome of its Phase 1 decision on 7 April 2020. \n \n \n \n \n \n The sale and purchase agreement regarding the Disposal (the \"Agreement\") expires on 7 July 2020. It is anticipated that the CMA's Phase 2 investigation would conclude in October 2020 and accordingly the date in the Agreement would need to be extended in order for the Phase 2 investigation to be carried out.\n \n \n \n \n \n As a result of the prevailing market conditions, it has not been possible for the Company and Kingspan to agree commercial terms for the extension of the Agreement. Accordingly, the parties have agreed to terminate the Agreement with immediate effect and the Disposal therefore will not proceed.\n \n \n \n \n \n \n The Company is currently reviewing a number of options regarding the Building Solutions business and will provide further updates when appropriate.\n \n \n \n \n \n Contacts\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FTI Consulting\n \n \n \n \n +44 (0) 20 3727 1340\n \n \n \n \n \n \n Richard Mountain\n \n \n Susanne Yule\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n This announcement contains inside information. The person responsible for making this notification is Kulbinder Dosanjh, Company Secretary.\n \n \n \n \n \n Cautionary statement\n \n \n \n \n \n This announcement is not intended to, and does not constitute, or form part ...