Siteserv, the listed company that provides
construction services such as scaffolding and services to utilities, oil
refineries, satellite and telecommunications, and infrastructure for outdoor
events, which is today holding an extraordinary general meeting (EGM) on a €45m
takeover offer from businessman Denis O'Brien via Millington, an Isle of Man
company, this morning confirmed that
"it has received an indicative, non-binding proposal from French company Altrad
to purchase Siteserv's subsidiaries for €60m."
The directors in a statement said
this proposal was received subsequent to its announcement on 3 April 2012, which
stated that, contrary to media speculation, Siteserv had not received a formal
approach or offer from Altrad.
The board notes
says that the Altrad proposal is indicative, non-binding, governed by French law
and conditional on an exclusivity period of 8 weeks. In addition, the Altrad
proposal is subject to due diligence and legal contract.
"Consequently, and having regard to these factors and the preliminary nature of
the proposal, the board's considered view is that there is no certainty that a
legally binding offer at a price and conditions capable of recommendation to
shareholders and stakeholders as a whole will emerge."
The directors also
says that Siteserv has a contract with Millington for the sale of its
subsidiaries which is conditional only on (i) shareholder approval; (ii)
Competition Authority approval; and (iii) certain other conditions precedent
which are capable of being waived by Millington or Siteserv.
of the above factors into consideration, the board has unanimously concluded
that, based on its clear legal and financial advice and the Board's commercial
assessment of Altrad's non-binding indicative proposal, it should proceed with
the extraordinary general meeting scheduled for today and maintain its
recommendation of the Millington transaction," a board
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