Hill & Smith Hldgs PLC Further statement of acquisition (6647S)
July 09 2015 - 11:26AM
UK Regulatory
TIDMHILS
RNS Number : 6647S
Hill & Smith Hldgs PLC
09 July 2015
9 July 2015
Hill & Smith Holdings PLC
Further statement on the proposed acquisition of
W Corbett & Co. (Galvanizing) Limited
On 25 June the UK Competition and Markets Authority ("CMA")
announced its decision following its Phase 1 review of the proposed
acquisition of W Corbett & Co. (Galvanizing) Limited
("Corbetts") by Joseph Ash Limited, a wholly-owned subsidiary of
Hill & Smith Holdings PLC ("the Company" or "Hill &
Smith"). It announced that it would refer the proposed acquisition
for an in-depth, Phase 2 investigation unless suitable undertakings
were offered.
After careful consideration, Hill & Smith offered certain
undertakings with a view to seeking to address the CMA's concerns
(even though we did not agree with those concerns). Unfortunately
the CMA believes that these undertakings will not remedy the
concerns identified by their Phase 1 review.
We are disappointed that these undertakings have not been
accepted and consequently having reflected on the costs and
uncertainty involved in a Phase 2 process, we have decided to
abandon the transaction (which was, in any case, conditional on
Phase 1 clearance).
A link to the CMA's Press Release and further information on the
CMA's investigation into Hill & Smith's proposed acquisition of
Corbetts is available at:
https://www.gov.uk/cma-cases/joseph-ash-w-corbett-co-galvanizing-merger-inquiry
ENDS
For further information, please contact:
Derek Muir, Group Chief Executive Tel: +44 (0)121 704 7430
Hill & Smith Holdings PLC
John Olsen/Andrew Leach Tel: +44 (0)203 128 8100
MHP Communications
Notes to Editors
Hill & Smith Holdings PLC is an international group with
leading positions in the design, manufacture and supply of
infrastructure products and galvanizing services to global markets.
It serves its customers from facilities principally in the
Australia, France, India, Norway, Sweden, Thailand, the UK and the
USA.
The Group's operations are organised into three main business
segments:
Infrastructure Products - Roads, supplying products and services
such as permanent and temporary road safety barriers, street
lighting columns, bridge parapets, gantries, temporary car parks,
variable road messaging solutions and traffic data collection
systems.
Infrastructure Products - Utilities, supplying products and
services such as pipe supports for the power and liquid natural gas
markets, energy grid components, "GRP" railway platforms and flood
prevention barriers, plastic drainage pipes, industrial flooring,
handrails, access covers and security fencing.
Galvanizing Services which provides zinc and other coatings for
a wide range of products including fencing, lighting columns,
structural steel work, bridges, agricultural and other products for
the infrastructure and construction markets.
Headquartered in the UK and quoted on the London Stock Exchange
(LSE: HILS.L), Hill & Smith Holdings PLC employs some 3,800
staff across 55 sites, principally in 8 countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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