Business
Statement re Possible Offer
Statement re Possible Offer.
About this update from Xaar Plc
[{"type":"text","content":"\n Xaar PLC\n14 November 2006\n\n\n\n\nFOR IMMEDIATE RELEASE 14 November 2006\n\n\n Xaar plc\n\n POSSIBLE OFFER FOR THE COMPANY\n\nXaar plc ('Xaar' or the 'Company') announces that it has received an unsolicited\napproach from Danaher Inc. ('Danaher') in relation to a possible offer for the\nCompany at between 200 - 220 pence per share in cash. After consideration, the\nBoard rejected this approach. Whilst an offer on these terms would represent a\npremium of between 38.5 - 58.5 pence to the closing share price of 161.5 pence\non 13 November 2006, more relevantly it would represent a discount of between\n118 - 138 pence to the 12 month share price high of 338 pence. The Board views\nthe timing of this approach as opportunistic. It continues to be confident in\nthe longer-term prospects of the Company in a rapidly growing market, as well as\nin the strategic value of its digital ink-jet technology. Accordingly, the Board\nadvises shareholders to take no further action at this time.\n\nThis announcement is made without Danaher's consent. There can be no certainty\nthat an offer will be made nor as to the terms on which any offer might be made.\n\nXaar is being advised by Panmure Gordon in relation to this matter. Further\nannouncements will be made as and when appropriate.\n\nContacts\n\nPanmure Gordon:\nEdward Farmer 020-7459-3600\nMark Lander\n\n\n\n\n\nIn accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the\nCompany confirms that it has 61,701,725 ordinary shares of 10 pence each in\nissue and admitted to trading on the Official List of the London Stock Exchange\nunder the UK International Securities Identification Number ('ISIN code')\nGB0001570810.\n\n\nThe source of the share price data above is the Official List of the London\nStock Exchange for 2 March 2006 and 13 November 2006 respectively.\n\n\nDealing Disclosure Requirements\n\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' of the Company (including by means of an option in\nrespect of, or a derivative referenced to, any such 'relevant securities') must\nbe publicly disclosed by no later than 3.30 pm (London time) on the London...