Thursday 5 February 2015

A can of worms - part 2

Many apologies to Oscar Williams Grut, the stock market reporter over at The Independent and Evening Standard.

He, too, had the Rexam story in his stock market report this morning. Here is the link:

So massive backslapping session all round to Parky over at The Times and Oscar at The Independent for smoking out the Rexam bid story, which has just been confirmed (see below):

5 February 2015
Rexam PLC ("Rexam" or the "Company")
Response to media speculation

The Board of Rexam notes the recent media speculation and confirms that it is in discussions with Ball Corporation ("Ball"), which may or may not lead to a formal offer being made for Rexam.  The proposal values Rexam at 610 pence per each Rexam share based on a consideration of approximately two thirds in cash and one third in new Ball shares. Discussions on other matters are continuing and there can be no certainty any formal offer will be forthcoming, or as to the terms of any offer.
A further announcement will be made when appropriate.
In accordance with Rule 2.6(a) of the Code, Ball is required, by not later than 5.00 p.m. on 5 March 2015, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
For the purposes of Rule 2.5 of the Code, this announcement has not been made with the consent of Ball.
In accordance with Rule 2.10 of the Code, the Company announces that, as at the date of this announcement, it has 704,816,154 ordinary shares of 80 (5) / (14) pence each in issue and admitted to trading on the main market of the London Stock Exchange. The International Securities Identification Number for the ordinary shares is GB00BMHTPY25. Rexam has an American Depositary Receipts ("ADR") programme for which The Bank of New York Mellon acts as depositary and transfer agent.  Each ADR share represents five Rexam ordinary shares. The ADRs trade in the over the counter market. The trading symbol for these securities is REXMY and the ISIN is US7616556046.
A copy of this announcement will be available at 
The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Tulchan Communications (Media Adviser to Rexam)
+44 (0)20 7353 4200
Andrew Grant

Martin Robinson

Rothschild (Financial Adviser to Rexam)
+44 (0) 20 7280 5000
Robert Leitão
Ravi Gupta

Yuri Shakhmin

Barclays (Financial Adviser to Rexam)
+44 (0)20 7623 2323
Richard Taylor

Mark Astaire

Andrew Owens

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