Takeover Panel Marshall Motor Holdings offer timetable suspended (1469Z)
20 Enero 2022 - 11:05AM
UK Regulatory
TIDMMMH
RNS Number : 1469Z
Takeover Panel
20 January 2022
2022/2
OFFER BY
CAG Vega 2 Limited (a wholly-owned subsidiary of Constellation
Automotive Holdings Limited) ("CONSTELLATION")
FOR
MARSHALL MOTOR HOLDINGS PLC ("MARSHALL")
OFFER TIMETABLE SUSPENDED
Rule 31.8 of the Takeover Code provides that, except with the
consent of the Panel, the board of an offeree company should not
announce any material new information after Day 39 of the offer
timetable. Normally, therefore, the last day for the announcement
by Marshall of material new information in the context of the offer
by Constellation (the "Offer") would be 22 January 2022.
Under Rule 31.4(a) of the Code, if one or more conditions to an
offer relating to an official authorisation or regulatory clearance
has not been satisfied or waived by 5.00 pm on the second day prior
to Day 39, the Panel will normally suspend the offer timetable:
(i) at the joint request of the offeror and the offeree
company; or
(ii) at the request of either the offeror or the offeree
company, provided that at least one of the outstanding
conditions relates to a material official authorisation
or regulatory clearance.
Constellation and Marshall have jointly requested a suspension
of the offer timetable in accordance with Rule 31.4(a)(i).
The Panel Executive has agreed to this request and has therefore
suspended the offer timetable.
Under Rule 31.4(b), the offer timetable will resume on the date
on which the last condition relating to a relevant official
authorisation or regulatory clearance is satisfied or waived, which
date will then become the 28th day prior to Day 60 of the revised
offer timetable.
In accordance with Rule 31.4(d), when the offer timetable
resumes in accordance with Rule 31.4(b), Constellation will make an
announcement confirming the new Day 60.
The requirement for Constellation to make announcements of
acceptance levels under Rule 17.1(a)(i) of the Code will not apply
for the duration of the suspension of the offer timetable and will
recommence when the offer timetable resumes.
20 January 2022
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END
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January 20, 2022 12:05 ET (17:05 GMT)
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