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Bids, Mergers and Takeovers

TCY gets possible offer from Equinix at 1145p/share

07 May 2015 07:33

TelecityGroup has received an approach from Equinix Inc regarding a possible offer at 1145p a share. The consideration would be payable in a mixture of cash and Equinix stock; about 54% of the consideration would be payable in cash and approximately 46% in Equinix stock.

Separately, Telecity confirmed its FY guidance remained valid.

Returning to the Equinox approach, Telecity said as noted in the joint announcement made by TelecityGroup and Interxion Holding N.V. on 9 March 2015, the implementation agreement that has been entered into by TelecityGroup and Interxion prohibits either Interxion or TelecityGroup from soliciting alternative proposals and from discussing alternative proposals except in limited circumstances.

One of the exceptions to the restriction on entering into discussions with a third party regarding an alternative proposal is where the directors of the relevant party believe they are required to do so by virtue of their fiduciary duties or other applicable law.

Having carefully considered the Equinix proposal in the light of this exception, the Board of TelecityGroup has determined that it is required by virtue of its fiduciary duties to enter into discussions with Equinix and has decided to permit Equinix to undertake a short period of due diligence.

"At this stage, there can be no certainty that any offer will ultimately be made for TelecityGroup, or as to the terms on which any offer would be made," it said.

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