Punch Taverns PLC Recommended Cash Acquisition of Punch Taverns plc (5115A)

TIDMPUB

RNS Number : 5115A

Punch Taverns PLC

24 March 2017

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 SUCH JURISDICTION

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS

FOR IMMEDIATE RELEASE

24 March 2017

Recommended Cash Acquisition of Punch Taverns plc ("Punch") by Vine Acquisitions Limited (the "Transaction")

Punch today provides an update on the timetable for the Transaction.

Following shareholder approval on 10 February 2017, completion of the Transaction remains subject to the satisfaction (or, if capable, waiver) of the remaining Conditions set out in the scheme document published on 17 January 2017 (the "Scheme Document"), including the requisite merger control clearance being obtained from the CMA.

On 20 February 2017, the CMA announced its intention to extend the deadline for its Phase 1 decision by stopping the clock on its review period. Following constructive engagement between the CMA, Punch and Heineken, the CMA has confirmed today that the clock restarted on 22 March 2017, and that this deadline has been extended from 24 April 2017 to 29 May 2017. As a consequence, the Board now expects the Transaction to become effective before the end of August 2017.

Terms used but not defined in this announcement have the same meaning as set out in the Scheme Document.

Enquiries

 
 Punch Taverns plc               Tel: +44 1283 501 948 
  Stephen Billingham, Chairman 
  Duncan Garrood, Chief 
  Executive Officer 
  Steve Dando, Chief Financial 
  Officer 
 
 Goldman Sachs International     Tel: +44 20 7774 1000 
  Nick Harper 
  Chris Emmerson 
 
 Brunswick Group LLP             Tel: +44 20 7404 5959 
  Jonathan Glass 
  Joe Shipley

Important notices

Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Punch and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Punch for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in relation to the matters referred to in this announcement.

Publication of this announcement

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at www.punchtavernsplc.com, by no later than 12 noon (London time) on the Business Day following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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