Takeover Panel Psion plc - Offer timetable extended (2545K)
August 17 2012 - 5:20AM
UK Regulatory
TIDMPON
RNS Number : 2545K
Takeover Panel
17 August 2012
PSION PLC
("PSION")
MOTOROLA SOLUTIONS, INC.
("MOTOROLA")
OFFER TIMETABLE EXTENDED
Rule 31.9 of the Code requires that the board of the offeree
company should not, except with the consent of the Panel, announce
any material new information after the 39(th) day following the
publication of the initial offer document. Normally, therefore, the
last day for the announcement by Psion of material new information
in the context of Motorola's offer would be 20 August. However,
Motorola's offer is conditional, amongst other things, on
confirmation in writing from the Office of Fair Trading ("OFT")
that the OFT does not intend to refer the Offer by Motorola to the
Competition Commission.
In these circumstances, and in accordance with Note 3 on Rule
31.6, the Panel Executive has ruled that "Day 39" will be deemed to
be the second day after the announcement of that decision.
"Day 46" (the last date for posting a revised offer) and "Day
60" (the date by which an offer must become or be declared
unconditional as to acceptances) will also be extended by the same
number of days. The next expiry date of the offer will not be
affected by this extension.
Each of the parties has accepted this ruling.
17 August 2012
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