Network International Holdings plc (LON:NETW) has noted the recent press speculation regarding a possible offer for Network by Brookfield Asset Management Limited and confirms that it has received a highly preliminary, non-binding proposal regarding a possible cash offer of 400 pence per Network share for the entire issued and to be issued share capital of Network.
The Brookfield Proposal is subject to the satisfaction or waiver by Brookfield of a number of pre-conditions, including the completion of satisfactory due diligence.
The Brookfield Proposal follows the announcement on 17 April 2023 regarding a possible offer from CVC Advisers Limited and Francisco Partners Management, L.P. of 387 pence in cash per Network share.
The Board of Network International is currently evaluating the Brookfield Proposal with its financial advisers and a further statement will be made in due course. There can be no certainty that an offer will be made by Brookfield, nor as to the terms on which any offer might be made.
In accordance with Rule 2.6(a) of the Code, Brookfield is required, by not later than 5.00 p.m. (London time) on 19 May 2023 (being 28 days after today’s date) and the Consortium by not later than 5.00 p.m. (London time) on 11 May 2023, to either announce a firm intention to make an offer for Network in accordance with Rule 2.7 of the Code or announce that they do not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
This statement is being made by Network International without the consent of Brookfield.
