Federal-Mogul's Recommended Cash Offer for T&N plc Receives Over 90% Acceptance
15 December 1997
Federal-Mogul's Recommended Cash Offer for T&N plc Receives Over 90% Acceptance
SOUTHFIELD, Mich., Dec. 15 -- Federal-Mogul Global Growth
Limited, a wholly-owned indirect subsidiary of Federal-Mogul Corporation
, announces that its recommended cash offer to acquire the whole of
the issued ordinary share capital of T&N plc, has received over 90% valid
acceptances, as of Friday, December 12, 1997, the first closing date of the
offer. The company said valid acceptances of the offer had been received in
respect of 494,509,683 T&N Ordinary Shares, representing 90.17% of the entire
share capital of T&N.
These include acceptances in respect of 201,232 T&N Ordinary Shares
pursuant to irrevocable undertakings given by the directors of T&N prior to
the posting of the offer document on November 13, 1997.
The company also announced it has extended the recommended cash offer to
3:00 p.m. on Friday, January 2, 1998. As specified in the conditions to the
offer, unless Federal-Mogul Global Growth Limited otherwise determines, the
offer will not be declared unconditional as to acceptances at a time when all
other conditions have not been satisfied or waived. In relation to the
regulatory conditions, all required regulatory filings have been made and
discussions are currently proceeding with the relevant regulatory authorities.
Accordingly, Federal-Mogul Global Growth Limited has determined not to declare
the offer unconditional as to acceptances at this stage, but reserves the
right to do so at any time.
Neither Federal-Mogul nor Federal-Mogul Global Growth Limited nor any
persons acting in concert with them owned any T&N Ordinary Shares or rights
over T&N Ordinary Shares prior to the offer period commencing on September 26,
1997, nor have they acquired or agreed to acquire any T&N Ordinary Shares or
rights over T&N Ordinary Shares during the offer period other than by way of
acceptances of the offer. Terms defined in the offer document dated
November 13, 1997 shall have the same meaning in this announcement.
Headquartered in Southfield, Michigan, Federal-Mogul is a $2 billion
global manufacturer and distributor of a broad range of non-discretionary
parts primarily for automobiles, light trucks, heavy trucks, and farm and
construction vehicles. The company was founded in 1899. Visit the company's
web site at http://www.federal-mogul.com for more information on
Federal-Mogul.
Morgan Stanley & Co. Limited, which is regulated by The Securities and
Futures Authority Limited, is acting for Federal-Mogul Corporation and
Federal-Mogul Global Growth Limited and for no-one else in connection with the
offer and will not be responsible to anyone other than Federal-Mogul
Corporation or Federal-Mogul Global Growth Limited for providing the
protections afforded to customers of Morgan Stanley & Co. Limited or for
providing advice in relation to the offer.
SOURCE Federal-Mogul Corporation