Takeover Panel extends Castle Bidco deadline for Crest Nicholson UPDATE |
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Wed, 07 Mar 2007 18:37
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(Adds statement from Crest Nicholson)LONDON (AFX) - The UK Takeover Panel said it extended the deadline for Castle Bidco Ltd, a consortium of HBOS PLC and Scottish financier Sir Tom Hunter, to issue a formal offer for housebuilder Crest Nicholson PLC until 5.00 pm tomorrow.'No extension to the revised deadline will be granted, except with the consent of the Panel Executive,' the regulator said.The 'put up or shut up' deadline had already been extended once before until 5.00 pm today.In a separate statement, Crest confirmed that advanced discussions are continuing with Castle about the latter making a formal 629.7 pence per share offer, which Crest's board said it intends to recommend to shareholders. The offer consists of a cash portion of 620p a share and the right to the 9.7p dividend declared by Crest.Crest previously rejected a 585 pence a share offer from Castle.newsdesk@afxnews.comjc/tc/jc/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Castle Bidco deadline for Crest takeover extended as offer raised UPDATE 