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Takeover Panel ruling over Home Retail

17 March 2016 10:00

The Takeover Panel's executive has issued a ruling over the procedure which will be followed if neither Sainsbury's nor Steinhoff has clarified its position over an offer for Home Retail by 7.30 a.m. on 18 March.

The executive says that if at any time between 7.30 a.m. and 5.00 p.m. on 18 March, either Sainsbury's or Steinhoff announces a firm intention to make an offer for Home Retail, then the other potential offeror shall continue to be treated as a potential competing offeror and must 'put up or shut up' on whether it intends to make an offer by no later than 5.00 p.m. on the 53rd day following the publication of the firm offeror's initial offer document.

If, during the procedure period, either Sainsbury's or Steinhoff announces that it does not intend to make an offer for Home Retail, and by that time no announcement has been made by the other potential offeror, then that other potential offeror shall continue to be required to clarify its position as normal by no later than 5.00 p.m. on 18 March.

Each of the parties has accepted this ruling.

At 10:00am: (LON:HOME) Home Retail Group PLC share price was +2.05p at 182.45p

Story provided by StockMarketWire.com

Related Company: HOME

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