API Group PLC Update on Formal Sale Process (3452W)

TIDMAPI

RNS Number : 3452W

API Group PLC

25 January 2013

 
 Press release   25 January 2013

API Group plc

Update on Formal Sale Process

The Board of API Group plc ("Board") (AIM:API), a leading manufacturer of specialist foils and packaging materials, notes the recent share price movement and speculation in relation to the potential sale of the Group.

The Company's last announcement on 29th November 2012 regarding the status of the formal sale process indicated that interested parties were being provided with access to management and due diligence information. That process continues with the aim of securing a firm offer which can be considered by the Board and then, if appropriate, put to shareholders. Indicative proposals received to date have been below the closing mid-market price of API shares of 90p on 24th January 2013.

The Board wishes to emphasize that there can be no certainty that any formal offer will be made for the Company, or even proposed, or as to the level of any proposal or offer that may be made. The Board reserves the right to alter any aspect of the formal sale process or to terminate it at any time and in such cases will make an announcement as appropriate. The Board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time.

Further announcements will be made in due course, as and when appropriate.

- Ends -

For further information:

 
 API Group plc 
 Andrew Turner, Group Chief Executive   Tel: +44 (0) 1625 
                                                  650 334 
 Chris Smith, Group Finance Director     www.apigroup.com 
 
 
 Numis Securities (Broker) 
 James Serjeant              Tel: +44 (0) 20 7260 
                                             1000 
                                    www.numis.com 
 
 
 Cairn Financial Advisers (Nominated Adviser) 
 Tony Rawlinson / Avi Robinson                   Tel: +44 (0) 20 7148 
                                                                 7900 
                                                     www.cairnfin.com 
 Altium (Financial Adviser) 
 Paul Lines / Simon Lord                             Tel: +44 (0) 845 
                                                             505 4343 
                                                www.altiumcapital.com

Media enquiries:

 
 Abchurch 
 Henry Harrison-Topham / Quincy Allan     Tel: +44 (0) 20 7398 
                                                          7710 
 quincy.allan@abchurch-group.com        www.abchurch-group.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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