Sondex Board Advises Against Innicor Acquisition
Citing the third quarter financial results of Innicor released on 7 November 2006 and certain other factors, Sondex plc on Wednesday reported that its board of directors no longer believes that the acquisition of Innicor is in the best interests of Sondex and its shareholders as a whole at the current offer price of C$3.75 per Innicor share.
The acquisition of Innicor is subject to a number of conditions, one of which is the approval of the acquisition by the shareholders of Sondex at an extraordinary general meeting of Sondex convened for 4.00pm on 16 November 2006.
The Firm Placing and Placing & Open Offer are conditional, inter alia, on the acquisition of Innicor becoming unconditional and the approval of shareholders at the extraordinary general meeting on 16 November 2006.
The board of directors of Sondex has determined to amend its recommendation and now strongly advises that shareholders vote against all the resolutions to be proposed at the extraordinary general meeting on 16 November 2006.
Sondex will be writing to its shareholders to update them in the very near future and advises shareholders to take no action until they receive the circular from the board of directors of Sondex.
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Company: Innicor more info
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