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ICI receives further Akzo proposal for 670p per share plus dividends

Published on 2007-08-07. Author : SpecialChem

Imperial Chemical Industries PLC confirms that it has received a further indicative proposal from Akzo Nobel NV under which Akzo would acquire ICI for 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 up to 5p paid pro rata from 1 July 2007 to the date of completion, by reference to where the completion date falls between 1 July and 31 December 2007.

The proposal is subject to a number of pre-conditions, including completion of due diligence. The Board of ICI has agreed that Akzo can undertake certain limited due diligence, which ICI expects to be completed within a few days.

A further announcement will be made in due course. As required by the Takeover Code, ICI confirms that this announcement is not being made with the agreement or approval of Akzo. For the avoidance of doubt, there can be no certainty that the approach by Akzo will lead to an offer being made for ICI or as to the terms on which any offer might be made.

Source: ICI


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