March 19, 2018 / 5:28 PM / a month ago

BRIEF-Michelin Says Agreed To Buy UK's Fenner In A 1.2 Bln Pound Deal

March 19 (Reuters) - Michelin:

* CIE GEN ETA.MICHELIN - OFFER FOR FENNER PLC

* RECOMMENDED CASH ACQUISITION OF FENNER PLC BY COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN SCA

* EACH SCHEME SHAREHOLDER WILL RECEIVE 610 PENCE IN CASH FOR EACH FENNER SHARE

* ‍FENNER SHAREHOLDERS WILL BE ENTITLED TO RECEIVE , RETAIN A PROPOSED INTERIM DIVIDEND OF NO MORE THAN 2.1 PENCE PER FENNER SHARE TO BE DECLARED ON APRIL 25​

* ‍PRICE OF 610 PENCE PER FENNER SHARE REPRESENTS A PREMIUM OF 30.7 PER CENT. TO FENNER’S SHARE PRICE OF 467 PENCE AT CLOSE OF BUSINESS ON 16 MARCH ​

* ‍DIRECTORS OF FENNER CONSIDER TERMS OF ACQUISITION TO BE FAIR AND REASONABLE​

* ‍FENNER DIRECTORS INTEND TO RECOMMEND UNANIMOUSLY THAT FENNER SHAREHOLDERS VOTE IN FAVOUR OF SCHEME AT COURT MEETING​

* ‍HAS RECEIVED IRREVOCABLE UNDERTAKINGS TO VOTE IN FAVOUR OF SCHEME FROM 0.45 PER CENT. OF EXISTING ISSUED ORDINARY SHARE CAPITAL OF FENNER​ Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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