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