Further to the announcements by each of Cooper and Laird on 30 July and the statement by the Panel on Takeovers and Mergers on 27 June 2011, Cooper hereby confirms that it does not intend to make an offer for Laird PLC ("Laird").Cooper continues to believe that there would be strategic merit in acquiring Laird but is unwilling to proceed at the price at which the Board of Laird will engage with Cooper or without being able to undertake due diligence. Consistent with its announcements on 27 July and 30 July, Cooper has elected to withdraw its interest.
For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), Cooper reserves the right to make, announce or participate in an offer or possible offer, including a reverse takeover, for Laird and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within six months of the date of this announcement:
(i) | with the agreement or recommendation of the board of directors of Laird; or |
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(ii) | following an announcement of an offer by or on behalf of a third party for Laird; or |
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(iii) | following an announcement by or on behalf of Laird of a whitewash proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as described in Note 2 to Rule 3.2 of the Code); or |
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(iv) | if there is a material change of circumstances. |
