RDI - Cromwell Property Group withdrawal
The Board of RDI notes the announcement by Cromwell that it does not intend to make an offer for RDI and that it is consequently bound by the restrictions under Rule 2.8 of the City Code on Takeovers and Mergers (the "Code").
Since the initial unsolicited approach from Cromwell, the Board has actively engaged with Cromwell in order to facilitate its due diligence requirements. However, following such engagement, the Board recently received a conditional proposal from Cromwell. The Board considered the proposal to undervalue the Company and its prospects and, as a result, the Board took the unanimous decision not to support a further period of due diligence.
The Board has also received confirmation from Redefine Properties Limited, the Company's largest shareholder, that the proposal was unacceptable to it. The Board welcomes the clarification provided by the announcement from Cromwell and looks forward to updating its shareholders at its half year results on Thursday 25th April.