GUINNESS PEAT GROUP PLC
("GPG" or the "Company")
PEET LIMITED TAKEOVER OFFER FOR CIC AUSTRALIA LIMITED
GPG announces that it has accepted Peet Limited's ("Peet") takeover offer for its 73% shareholding in CIC Australia Limited ("CIC").
GPG also notes that Peet has today announced that its takeover offer for CIC is 'unconditional' and therefore GPG expects to receive total sale proceeds (including the recently announced CIC dividend) of approximately A$57.7 million (£37.5million).
GPG has accepted Peet's takeover offer because it believes it is compelling relative to other value realisation alternatives. Given Peet's already established relevant interest in 19.9% of CIC and the fact that CIC has undertaken an extensive review process and has assessed a number of possible alternatives, GPG currently sees little prospect of a superior proposal emerging.
Chris Healy
Company Secretary
Guinness Peat Group plc
Tel: +44 20 7484 3370
17 May 2013
Enquiry details are:
New Zealand and Australian media: Geoff Senescall on: +64 9 309 5659
UK media: Kevin Smith on: +44 20 7282 1054
This information is provided by RNS