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ITALTILE LIMITED - Request for Consideration filed with the Competition Tribunal

Release Date: 11/08/2016 16:40
Code(s): ITE     PDF:  
Wrap Text
Request for Consideration filed with the Competition Tribunal

Italtile Limited
Incorporated in the Republic of South Africa
(Registration number 1955/000558/06)
Share code: ITE ISIN: ZAE000099123
(“Italtile” or “the Company” or “the Group”)


REQUEST FOR CONSIDERATION FILED WITH THE COMPETITION TRIBUNAL REGARDING
PROPOSED MERGER BETWEEN ITALTILE LIMITED (“ITALTILE”) AND CERAMIC INDUSTRIES
PROPRIETARY LIMITED (“CERAMIC”)


Italtile shareholders are referred to the “Competition Commission ruling on proposed merger between Italtile
and Ceramic” announcement published on SENS on 28 July 2016, as well as to the “Binding Offer to Acquire
Shares in Ceramic, Rights Offer Declaration and Withdrawal of Cautionary Announcement” published on
SENS on 20 July 2016 and the “Offer to Acquire Shares in Ceramic, Details of the Italtile Rights Offer and
Renewal of Cautionary” announcement released on SENS on 26 April 2016.

In the announcement of 28 July 2016, the board of directors of Italtile (“Board”) advised that it was strongly
opposed to the Competition Commission’s (“the Commission”) ruling of 26 July 2016, in which the
Commission prohibited the proposed merger between Italtile and Ceramic. The Board is of the opinion that
the Commission’s decision was based, inter alia, on incorrect information and an incorrect adjudication of
control and consequently its findings are incorrect.

Accordingly the Board advised that in terms of section 16(1)(a) of the Competition Act 89 of 1998, it would
request the Competition Tribunal to consider the prohibited merger, by written notice and in the prescribed
form.

In this regard, Italtile wishes to advise shareholders that a Request for Consideration was filed with the
Competition Tribunal on Thursday, 11 August 2016. Shareholders will be apprised of progress in this regard.

The acquisition process as communicated to date will continue as scheduled, and shareholders will be
updated of any changes to the timetable, to the extent necessary, in due course.


Johannesburg
11 August 2016

Sponsor
Merchantec Capital

Legal Advisor to Italtile
Hogan Lovells (SA) Inc.

Corporate and Legal Advisor to Rallen
Rabin & Associates Proprietary Limited

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