Business
Offer Talks Terminated
Offer Talks Terminated.
About this update from Xaar Plc
[{"type":"text","content":"\n Xaar PLC\n14 February 2007\n\n\nFOR IMMEDIATE RELEASE 14 February 2007\n\n\n Xaar plc\n\n DISCUSSIONS WITH DANAHER ENDED\n\nXaar plc ('Xaar' or 'the Company') announces that, further to the announcement\non 14 November 2006, of an unsolicited approach received from Danaher\nCorporation ('Danaher') indicating a possible offer for the Company in the range\nof 200 - 220 pence per share, Xaar can confirm that there has been further\ncontact between the companies and that it has received a second, informal,\nproposal from Danaher in relation to a possible offer for the Company. Both of\nDanaher's approaches and possible offers have been highly preliminary and\nsubject to a number of conditions, including due diligence.\n\nAfter due consideration, the Board of Xaar has concluded that Danaher's latest\nproposal continues to undervalue the Company significantly and that Danaher's\nposition has not moved sufficiently to form an acceptable basis for further\ndiscussion. Accordingly, the Company has ended discussions with Danaher.\n\nIn the trading update issued on 7 December 2006, the Company reported an\nimproved trading performance in the closing months of the year which has\ncontinued into the early part of 2007. The Board continues to be confident in\nthe longer-term prospects of the Company in a rapidly growing market, as well as\nthe strategic value of its ink-jet technology. A further update on trading will\nbe given at the time of the announcement of Xaar's final results for 2006 in\nmid-March.\n\nThe Board re-iterates its advice that shareholders should take no further action\nat this time in relation to any possible offer.\n\nXaar is being advised by Panmure Gordon in relation to this matter.\n\nThis announcement is made without Danaher's consent.\n\n\nContacts\n\nXaar plc: 01223-423663\nIan Dinwoodie, Chief Executive\nNigel Berry, Group Finance Director & Deputy\nChief Executive\n\nPanmure Gordon:\nEdward Farmer 020-7459-3600\n\nBankside Consultants:\nSteve Liebmann or Simon Bloomfield 020-7367-8883 / 07802-888159\n\n\n\nDealing Disclosure Requirements\n\nUnder the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the\n'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in\n1% or more of any class of 'relevant securities' of the Company, all 'dealings'\nin any 'relevant securities...