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LONDON - JTC PLC (LSE:JTC) has rejected a second preliminary takeover proposal from Permira Advisers LLP, according to a statement released by the company on Friday.
The board of JTC unanimously rejected the conditional non-binding proposal received on August 22, which followed an earlier proposal that was also rejected on August 20. Both proposals were from Permira regarding a possible cash offer to acquire JTC’s entire issued and to be issued share capital.
JTC’s board made the decision after careful consideration with its advisers, the company said in its statement.
Under UK takeover rules, Permira now has until September 26 to either announce a firm intention to make an offer for JTC or declare it does not intend to proceed. This deadline could potentially be extended with consent from the Panel on Takeovers and Mergers.
JTC has advised its shareholders to take no action at this time regarding the possible offer, noting that there is no certainty that any firm offer will be made or what terms might be proposed.
The statement emphasized that this announcement does not represent a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers.
JTC, which is listed on the London Stock Exchange, released the information in response to a recent announcement by Permira.
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