Filing of Merger Notice
12 Junio 2003 - 8:57AM
UK Regulatory
RNS Number:2609M
Sainsbury(J) PLC
12 June 2003
J. Sainsbury plc files a merger notice for the possible acquisition of 171
Somerfield stores
Statement by J. Sainsbury plc
J. Sainsbury plc ("Sainsbury's" or "The Company") will today file a Merger
Notice with the Office of Fair Trading seeking clearance under the Fair Trading
Act for the possible acquisition of 171 stores presently owned by Somerfield plc
("the Somerfield stores"). These are almost exclusively convenience stores; the
average size is around 6,000 square feet, 15 of these stores are above 15,000
square feet and the remaining 156 are below 15,000 square feet.
The Company has recently had preliminary discussions with Springwater Bidder ("
Springwater") regarding the possible acquisition of these stores if a bid by
Springwater for Somerfield plc ("Somerfield") were successful. Springwater has
today announced that in accordance with Rule 2.8 of the City Code it will not
make an offer for Somerfield for the next six months unless the offer is
recommended by the Board of Somerfield or there is an announcement by a third
party of a firm intention to make an offer for Somerfield. However, Sainsbury's
is seeking merger clearance at this time in order to reduce regulatory
uncertainty in the event that Springwater wishes to bid again at the end of that
six-month period or is permitted by the Takeover Panel to do so at an earlier
date. It is anticipated that the outcome of the decision on reference will be
known around the end of July 2003.
Apart from filing the Merger Notice, Sainsbury's will not, in accordance with
Rule 2.8 of the City Code, except with the recommendation of the Board of
Somerfield or following the announcement by a third party of a firm intention to
make an offer for Somerfield, make or participate in an offer for Somerfield or
pursue any other aspect of its interest in acquiring the Somerfield stores from
Springwater or any other person or persons during the next six months.
12 June 2003
Contact:
Investor Relations Michael Snape +44(0) 20 7695 6227
Media Relations Melanie Cooke +44(0) 20 7695 7022
Nicola Martin +44(0) 20 7695 0136
This information is provided by RNS
The company news service from the London Stock Exchange
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