ICI & Akzo Nobel – Takeover Panel Extension
August 9, 2007
Imperial Chemical Industries PLC (‘ICI’) notes the announcement made earlier today by the Takeover Panel. The Panel Executive has extended the date by which Akzo Nobel NV (‘Akzo’) must either announce a firm intention to make an offer for ICI under Rule 2.5 of the Takeover Code, or announce that it does not intend to make an offer for ICI, to 10am on Monday 13 August 2007.
ICI confirms that discussions between the parties regarding pre-conditions to an offer and completion of due diligence continue.
ICI confirms that the indicative proposal from Akzo is 670p per share in cash. In addition, ICI shareholders would receive ICI's first interim dividend of 4.95p per share announced on 2 August 2007, together with a second interim dividend of 5p per share, provided that if the completion date of any offer falls prior to 31 December 2007, such second interim dividend shall be paid pro rata by reference to where the completion date falls between 1 July and 31 December 2007.
A further announcement will be made in due course.
As required by the Takeover Code, ICI confirms that this announcement is being made with the agreement and approval of Akzo.
There can be no certainty that Akzo's indicative proposal will result in any offer or transaction.