Ascential PLC has received a conditional proposal from Informa PLC regarding a possible cash offer for the entire issued and to be issued share capital of Ascential at 568 pence per Ascential share. The Board of Ascential has confirmed that it is engaged in advanced discussions with Informa regarding the Proposal and has informed Informa that it is minded to recommend the Proposal. However, there is no certainty that any firm offer for Ascential will be made, nor as to the terms on which any firm offer might be made.
In accordance with Rule 2.6(a) of the Code, Informa is required to either announce a firm intention to make an offer for Ascential in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer by 5.00 p.m. (London time) on 20 August 2024. This deadline can be extended with the consent of the Panel on Takeovers and Mergers.
The announcement has been made without the prior agreement or approval of Informa, and a further announcement will be made as and when appropriate. Ascential has provided contact information for inquiries related to the announcement.
The announcement contains inside information and is issued on behalf of Ascential by the Company Secretary. It is not intended to, and does not constitute or form part of, any offer to sell or issue or any solicitation of an offer to purchase, subscribe for, or otherwise acquire, any securities or a solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
Merrill Lynch International ("BofA Securities") and Goldman Sachs International ("Goldman Sachs") are acting exclusively for Ascential in connection with the Proposal, and Slaughter and May is acting as legal adviser to Ascential.
The disclosure requirements of the Code have been outlined, including the need for any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror to make an Opening Position Disclosure following the commencement of the offer period and following the announcement in which any securities exchange offeror is first identified.