To view the PDF file, sign up for a MySharenet subscription.

INTU PROPERTIES PLC - Termination Of Transaction With Hammerson

Release Date: 25/04/2018 13:30
Code(s): ITU     PDF:  
Wrap Text
Termination Of Transaction With Hammerson

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code:      ITU

LEI: 213800JSNTERD5CJZO95
Regulated Information Classification: Additional regulated information required to be
disclosed under the laws of a Member State of the EU

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN,
INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION


25 APRIL 2018
INTU PROPERTIES PLC (‘INTU’)


TERMINATION OF TRANSACTION WITH HAMMERSON

On 18 April 2018, the Board of Hammerson plc (“Hammerson”) withdrew its
recommendation that its shareholders vote in favour of its all-share offer for intu (the “intu
Transaction”).

Hammerson’s offer was conditional on the approval of its shareholders. In light of the
Hammerson Board's decision to change its recommendation and to advise its own
shareholders to vote against the intu Transaction, intu believes that there is now no realistic
prospect that this condition will be satisfied.

The Board of intu continues to believe that the terms of the intu Transaction are fair and
reasonable for intu shareholders. However, given the circumstances outlined above the
Board of intu believes that it is in the best interests of its shareholders, employees and other
intu stakeholders for the situation to now be resolved. Accordingly, the Board of intu has
determined not to proceed with posting the Scheme of Arrangement documents to intu’s own
shareholders, which has also entailed withdrawing its recommendation of the intu
Transaction.

The intu Board has therefore consented to the Takeover Panel releasing Hammerson from
its obligations under Rule 2.7(b) and Rule 24.1 of the Takeover Code to proceed with the
intu Transaction.

As a result, the Takeover Panel has confirmed that, upon Hammerson announcing that it will
not exercise any rights it may have to implement the intu Transaction by way of a takeover
offer: (a) Hammerson will be released from its obligations under Rule 2.7(b) and Rule 24.1 of
the Takeover Code to proceed with the intu Transaction; (b) the offer period will end; and (c)
Hammerson will be subject to Rule 35.1 of the Takeover Code pursuant to which
Hammerson will be prohibited from, amongst other things, making any offer for intu without
the consent of the Takeover Panel for a period of 12 months.

The Board of intu is entirely confident of intu’s stand-alone commercial future and prospects
as evidenced by the trading update issued on 17 April 2018.


intu properties plc
Susan Marsden                 Group Company Secretary              +44 (0)20 7887 7073


JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited

Date: 25/04/2018 01:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story