HANSON RECEIVES ACCEPTANCES FOR ITS OFFER FOR BEAZER
HANSON RECEIVES ACCEPTANCES FOR ITS OFFER FOR BEAZER NEW YORK, Nov. 19 /PRNewswire/ -- Hanson PLC (ADRs - NYSE: HAN)
today announced that by 3:00 p.m. London time (10:00 a.m. New York City time) on Nov. 18, 1991, HB Acquisitions PLC ("HB"), a wholly owned Hanson subsidiary, had received valid acceptances for its offer for all the ordinary share capital of Beazer PLC (ADRs - NYSE: BZR) in respect of a total of 194,341,345 ordinary shares (including ordinary shares evidenced by American Depositary Shares), representing 68.3 percent of the issued ordinary share capital.
In addition, holders of a total of 6,161,241 Beazer ADSs (24,644,964 ordinary shares), representing 8.66 percent of the issued ordinary share capital, had accepted pursuant to guarantees of delivery. To satisfy the requirements of the City Code, acceptances of Beazer ADSs made in accordance with U.S. guaranteed delivery procedures cannot be treated as valid acceptances until the relevant certificates or book- entry transfers have been received or confirmed. At the same time, valid acceptances of the offer by HB for all the issued preference share capital of Beazer had been received in respect of a total of 40,236,941 preference shares, representing 80.47 percent of the issued preference share capital. The acceptances include 500,000 Beazer preference shares (representing 1 percent of the issued preference share capital) held by Hanson group pension funds and 4,000 ordinary shares (representing 0.001 percent of the issued ordinary share capital) held by A. G. L. Alexander, a director of Hanson. Apart from those holdings and acceptances under the offers, neither Hanson nor HB nor any persons acting in concert with them had any interest immediately prior to the making of the offers or own or have any interest in Beazer's issued share capital. As announced yesterday the initial offer period of both the ordinary offer and the preference offer has been extended to 10:00 p.m. London time (5:00 p.m. New York City time) on Tuesday, Nov. 26, 1991. The ordinary offer is cash and New Hanson Warrants valuing each Beazer ordinary share at 123.5p and is recommended for acceptance by the board of Beazer and its advisors. Following the request by the Federal Trade Commission in the United States for additional information, announced on Nov. 7, discussions are taking place in order to obtain their approval to the acquisition of Beazer as expeditiously as possible. Approval has been obtained from all the other regulatory authorities from whom approvals were sought, including the decision of the Secretary of State for Trade and Industry in the United Kingdom that he will not refer the transaction to the Monopolies and Mergers Commission. This announcement has been approved by N. M. Rothschild & Sons Limited, a member of the SFA, for the purposes of Section 57 of the Financial Services Act 1986. -0- 11/19/91 /CONTACT: Robert M. Brier of Hanson Industries, 212-826-0098/ (HAN BZR) CO: Hanson PLC; Beazer PLC ST: IN: CST SU: TNM GK -- NY012 -- 4787 11/19/91 08:54 EST
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|Date:||Nov 19, 1991|
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