Londis Announcement
December 19 2003 - 11:04AM
UK Regulatory
RNS Number:5124T
Big Food Group PLC
19 December 2003
19th December 2003.
THE BIG FOOD GROUP PLC
RESPONSE TO LONDIS ANNOUNCEMENT
The Big Food Group plc ("BFG") notes the press announcement made by the Board of
Londis (Holdings) Limited ("Londis" or "the Company") late yesterday afternoon
and their statement that they propose to adjourn the EGM scheduled for 30th
December 2003 and intend instead to conduct an orderly process for considering
proposed offers for the Company.
However, BFG notes that the Board of Londis has not yet cancelled or adjourned
the EGM or withdrawn its recommendation of the Musgrave offer for the Company.
Furthermore, BFG has not yet received an invitation from Londis to participate
in the sale process or any timetable explaining how this is to be conducted.
In the absence of any clarification of the above issues, BFG continues to urge
Londis shareholders to reject the Musgrave offer.
Commenting Bill Grimsey, Chief Executive of The Big Food Group, said : "The
Board of Londis have not yet clarified a number of important issues. The
Musgrave offer is still on the table and still recommended by the Board of
Londis. In these circumstances Londis shareholders should ensure that the offer
is defeated by rejecting it immediately."
Under BFG's alternative proposal announced yesterday, Londis shareholders would
receive #20,300 per share against #10,139 under the Musgrave offer. Management
would receive #0.6 million against #20.2 million under the Musgrave offer. The
Company paid #7.0 million in November to management just for changing their
contracts.
Enquiries: Andrew Hayes / Noemie de Andia
Hudson Sandler Limited
Telephone : 020 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
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