Saturday, June 9, 2012

UK - Islamic Bank Britain - Offer Update

FOR IMMEDIATE RELEASE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
8 June 2012
POTENTIAL OFFER UPDATE
FOR ISLAMIC BANK OF BRITAIN PLC ("IBB")
Further to the announcement made by IBB on 6 June 2012, in relation to an approach from Qatar International Islamic Bank Q.S.C. ("QIIB"), a 88.41 percent shareholder of IBB, requesting the opening of discussions with the board of IBB with a view to QIIB making an offer for the IBB shares not already owned by QIIB, any such offer to be effected by way of a scheme of arrangement, QIIB has further confirmed that if any offer is made it is likely that it would be solely in cash.  (source)


There can be no certainty that an offer will be made by QIIB nor as to the terms on which any offer might be made. Under Rule 2.4(c) of the City Code on Takeovers and Mergers (the "Code"), QIIB must, by 5.00 pm on 4 July 2012, being the 28th day following the date of the announcement made on 6 June 2012, either announce a firm intention to make an offer for IBB under Rule 2.7 of the Code or announce that it does not intend to make an offer for IBB, unless the Takeover Panel agrees otherwise; IBB can request the Takeover Panel to extend this deadline. This announcement has been made with the consent of QIIB.
END

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