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Bids, Mergers and Takeovers

Colt responds to offer from Fidelity

19 June 2015 09:54

The independent directors of Colt Group have noted the announcement earlier today of a cash offer from Fidelity at 190p per share.

The offer is for the ordinary shares in Colt not already owned by FMR, FIL and certain affiliated parties (together "Fidelity").

The independent directors believe that the offer undervalues the company and its prospects and accordingly they consider that the financial terms of the offer are not fair to the independent shareholders of Colt.

The independent directors believe that the financial terms of the offer may be considered by some shareholders to be acceptable in the circumstances, and accordingly make no recommendation to shareholders whether or not to accept the offer.

Over the course of 2015, the management of Colt has been working on a plan to refocus the company's activities and significantly improve its financial performance. The Board has provisionally approved a new business plan and further details will be announced in due course.

At 9:54am: (LON:COLT) COLT Telecom Group SA share price was +32.95p at 189.65p

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