| To : Business Editor | For immediate release |
Offer for Cycle & Carriage Lapses
28th December 2000 -- Jardine Strategic Holdings Limited today announced that the conditional take-over offer for Singapore-listed Cycle & Carriage Limited ("C&C") had not become unconditional and had lapsed on 28th December 2000. The take-over offer was being made by UBS Warburg on behalf of Jardine Strategic's wholly-owned subsidiary, JSH Singapore Investments Limited ("SHSIL").
The take-over offer was made solely to comply with the Singapore regulatory requirements. It was not the intention of Jardine Strategic or parties acting in concert with it to acquire control of C&C. However, Jardine Strategic believed that the share price of S$3.30 (which was the offer price) was sufficiently attractive for it to increase its stake in C&C above 25 per cent., notwithstanding that this resulted in incurring an obligation to make a take-over offer to comply with the Singapore regulations.
The offer was conditional upon receiving acceptances in respect of such number of shares which, when taken together with the C&C shares owned, controlled or agreed to be acquired by JSHSIL or any party acting in concert with it, would have resulted in a holding of more than 50 per cent. of the voting rights attributable to the issued share capital of C&C.
The number of C&C shares in respect of which valid acceptances of the offer were received, amounted to an aggregate of 10,188,862 C&C shares, representing approximately 4.35 per cent. of the issued share capital of C&C. Since the offer has lapsed, C&C shareholders who had accepted the offer will have their C&C shares returned to them. This will be done as soon as possible, but in any event not later than 11th January 2001.
As at the date of this announcement, JSHSIL and parties acting in concert with it own, control or have agreed to acquire an aggregate of 60,643,378 C&C shares, representing approximately 25.92 per cent. of the issued share capital of C&C (excluding valid acceptances of the offer).
Jardine Strategic is a holding company which takes long-term strategic investments in multinational businesses, particularly those with an Asian focus, and in other high quality companies with existing or potential links with the Group. Its principal attributable interests are in Jardine Matheson (50%), Dairy Farm (59%), Hongkong Land (37%), Mandarin Oriental (62%) and Cycle & Carriage (26%).
For further information, please contact:
| Jardine Matheson Limited | |
| Norman Lyle | (852) 2843 8216 |
| Golin/Harris Forrest | |
| Sue Gourlay | (852) 2501 7936 |
| David Dodwell | (852) 2501 7902 |
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