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LONDON - Empiric Student Property PLC has issued a retraction of statements made regarding its potential merger with The Unite Group (LON:UTG) PLC. The original statements, which discussed cost synergies and regulatory review, were released following a meeting with investors and an analyst on Sunday.
The company, now in a due diligence phase with Unite, entered an offer period as per the City Code on Takeovers and Mergers. However, Empiric has acknowledged that the statements concerning overhead reductions and financial synergies were not properly vetted and thus cannot be substantiated by their reporting accounts or financial advisers, violating Rule 28.1(a) of the Takeover Code.
Furthermore, the company retracted its comment on the Competition and Markets Authority (CMA) potentially reviewing the merger in six cities and the possibility of asset disposals. Empiric clarified that there has been no engagement with the CMA to date, nor has there been a comprehensive competition analysis. This retraction is in compliance with Rule 19.1 of the Code, which requires careful consideration of public statements.
Empiric’s withdrawal of these statements serves as a reminder for shareholders to disregard the previously released information and highlights the importance of adherence to regulatory standards during sensitive merger and acquisition activities. The information for this article is based on a press release statement.
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