MCHL Mouchel Group

 
TIDMIRV TIDMMCHL 
 
The Company referred to in the body of the `Rule 2.8 - Mouchel Rejection' 
announcement released today, 29 March 2011, at 0910 under PRN ref 
PRNUK-2903110907-37B4 should be linked to Mouchel Group plc 
 
The announcement text is unchanged and is reproduced in full below. 
 
 
Interserve Plc 
 
29 March 2011 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY 
 JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS 
                             OF SUCH JURISDICTION. 
 
Interserve Plc - No intention to make an offer following rejection of a Revised 
                                   Proposal 
 
Further to the announcement made by Mouchel Group plc ("Mouchel") on 29 March 
2011, Interserve Plc ("Interserve" or the "Company") confirms that Interserve 
has no intention to make an offer for Mouchel. 
 
On 25 February 2011, Interserve confirmed that it had entered into a 
co-operation agreement with Mouchel on the 24 February 2011 which provided 
Interserve "preferred possible offeror" status following the submission of an 
indicative proposal, the terms of which the Board of Mouchel was willing to 
recommend to its shareholders. 
 
Following detailed due diligence, Interserve modified its initial proposal and 
submitted a revised proposal to the Board of Mouchel valuing each issued 
Mouchel share at 135 pence including 50 pence in cash. This proposal, which 
Interserve believes to be in the best interests of both sets of shareholders, 
was, disappointingly, rejected on 29 March 2011. 
 
For the purposes of the Takeover Code, Interserve reserves the right to make or 
participate in an offer for Mouchel (and / or take any other action which would 
otherwise be restricted under Rule 2.8 of the Takeover Code) within the six 
months following the date of this announcement: 
 
i.   with the agreement or recommendation of the Board of Mouchel; 
 
ii.  following the announcement of an offer by or on behalf of a third party for 
     Mouchel; 
 
iii. following the announcement by Mouchel of a "whitewash" proposal or a 
     reverse takeover; or 
 
iv.  if there is a material change of circumstances. 
 
Commenting on the announcement Chief Executive of Interserve, Adrian Ringrose, 
said 
 
"Following several weeks of due diligence we put a revised proposal to the 
Mouchel Board that we believe was in the interests of both Interserve and 
Mouchel shareholders. Following Mouchel's decision not to proceed with that 
proposal we will be focussing on implementing our plans to deliver value for 
Interserve shareholders through the medium term growth of our business, as 
outlined in our recent annual results presentation." 
 
Enquiries: 
 
Interserve 
Tel: +44 (0)118 932 0123 
Adrian Ringrose (Chief Executive) 
Tim Haywood (Group Finance Director) 
 
J.P. Morgan Cazenove (Financial adviser & joint broker to Interserve) 
Tel: +44 (0)20 7588 2828 
Patrick Magee 
Niklas Kloepfer 
 
Oriel Securities Limited (Joint broker to Interserve) 
Tel: +44 (0)20 7710 7600 
Emma Griffin 
Michael Shaw 
 
Maitland (PR adviser to Interserve) 
Tel: +44 (0)20 7379 5151 
Neil Bennett 
Elizabeth Morley 
 
This announcement will be available on Interserve's website 
(www.interserve.com) by no later than 12 noon (London time) on 30 March 2011. 
 
This announcement is made in accordance with Rule 2.8 of the City Code on 
Takeovers and Mergers (the "Code"). 
 
This announcement is not intended to, and does not, constitute or form part of 
any offer, invitation or the solicitation of an offer to purchase, otherwise 
acquire, subscribe for, sell or otherwise dispose of, any securities. This 
announcement has been prepared in accordance with English law and the Takeover 
Code and information disclosed may not be the same as that which would have 
been prepared in accordance with the laws of jurisdictions outside of the 
United Kingdom. 
 
The distribution of this announcement in jurisdictions outside the United 
Kingdom may be restricted by law and therefore persons into whose possession 
this announcement comes should inform themselves about, and observe, such 
restrictions. Any failure to comply with the restrictions may constitute a 
violation of the securities law of any such jurisdiction. 
 
J.P. Morgan plc, which conducts its UK investment banking business as J.P. 
Morgan Cazenove and is authorised and regulated in the United Kingdom by the 
Financial Services Authority, is acting exclusively for Interserve and for no 
one else in connection with this announcement, and will not be responsible to 
anyone other than Interserve for providing the protections afforded to clients 
of J.P. Morgan plc nor for providing advice in connection with this 
announcement or any matter referred to herein. 
 
Oriel Securities Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting exclusively for 
Interserve and for no one else in connection with this announcement, and will 
not be responsible to anyone other than Interserve for providing the 
protections afforded to clients of Oriel Securities Limited nor for providing 
advice in connection with this announcement or any matter referred to herein. 
 
Forward looking statements 
 
This announcement contains statements about Interserve and Mouchel that are or 
may be forward looking statements. All statements other than statements of 
historical facts included in this announcement may be forward looking 
statements. Without limitation, any statements preceded or followed by or that 
include the words "targets", "plans" "believes", "expects", "aims", "intends", 
"will", "may", "anticipates", "estimates", "projects" or words or terms of 
similar substance or the negative thereof, are forward looking statements. 
Forward looking statements include statements relating to, among other things, 
the expected benefits of the proposed combination of Interserve and Mouchel. 
 
Such forward looking statements involve risks and uncertainties that could 
significantly affect expected results and are based on certain key assumptions. 
Many factors could cause actual results to differ materially from those 
projected or implied in any forward looking statements, including, among 
others, risks relating to the successful combination of Mouchel with 
Interserve; higher than anticipated costs relating to the combination of 
Mouchel with Interserve; and facts relating to Mouchel that may impact the 
timing or amount of benefit realised from the combination that are unknown to 
Interserve. Due to such uncertainties and risks, readers are cautioned not to 
place undue reliance on such forward looking statements, which speak only as of 
the date hereof. Interserve disclaims any obligation to update any forward 
looking or other statements contained herein, except as required by applicable 
law. 
 
 
 
END 
 

Mouchel (LSE:MCHL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Mouchel (LSE:MCHL)
Historical Stock Chart
From Jul 2023 to Jul 2024