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HR Owen Plc Confirms Rejection Of Offer From Berjaya Philippines Inc-DJ


Tuesday, 30 Jul 2013 02:02am EDT 

Dow Jones reported that the Board of HR Owen notes the announcement made by Berjaya Philippines Inc (BPI) on July 29, 2013 that an offer document, containing details of an unsolicited cash offer for the entire issued and to be issued share capital of the Company not already held by BPI has been posted to HR Owen shareholders. BPI has made an offer for the Company at 130 pence per HR Owen share (the Offer). The Board of HR Owen, together with its advisers, has considered the merits of the Offer and has concluded that it is not in the best interests of HR Owen shareholders and the Company. The Board reached this conclusion as the Offer is inadequate and at a level that materially undervalues the Company. In coming to this conclusion, the Board of HR Owen took into consideration that: The Offer price of 130 pence represents only a 7.4% premium to the closing mid-market price of the Company's shares on July 16, 2013, being the last trading day prior to the commencement of the offer period, and a 6.5% discount to July 29, 2013 closing mid-market share price of 139 pence. 

Company Quote

28.0
-0.5 -1.75%
3 Apr 2014