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News : Irish Last Updated: Apr 5, 2012 - 10:19 AM

Siteserv confirms purchase offer received from French company Altrad
By Finfacts Team
Apr 5, 2012 - 8:52 AM

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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.

"Taking all 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 statement concludes.

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