Consignia

House of Lords written question – answered at on 13 May 2002.

Alert me about debates like this

Photo of Baroness Miller of Hendon Baroness Miller of Hendon Conservative

asked Her Majesty's Government:

In the light of their commitment during the passage of the Postal Services Bill through this House that, in connection with acquisitions and disposals, the Post Office would conform to the reporting requirements of the Stock Exchange, what were the terms of the failed transaction that were being negotiated; what was the reason for the failure of the negotiations; and why the Post Office has not announced them.

Photo of Lord Sainsbury of Turville Lord Sainsbury of Turville Parliamentary Under-Secretary (Science and Innovation), Department of Trade and Industry, Parliamentary Under-Secretary (Department of Trade and Industry) (Science and Innovation)

The terms of the transaction being discussed were commercially confidential both to Consignia but also to TPG which is a listed company. After a number of discussions with TPG, Consignia decided that a deal was not possible on acceptable terms. The Government agreed with this judgment.

Under Chapter 9. paragraph 9.4 of the UK Listing Authority Sourcebook, a company need not notify a regulatory information service about impending developments or matters in the course of negotiation. In addition, the possible merger negotiations between Consignia and TPG did not reach a stage where an announcement was required under section 2.2 of the Takeover Panel's City Code on Takeovers and Mergers. Rebo

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.