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LONDON - Ricardo plc (LSE:RCDO) announced Wednesday that its requisitioned general meeting has been adjourned indefinitely following the withdrawal of a requisition notice by Science Group plc.
The meeting adjournment comes after WSP Group Limited announced on June 11 a recommended final cash acquisition of Ricardo at 430 pence per share. Science Group subsequently notified Ricardo on June 12 that it had withdrawn its requisition notice.
The requisition process began on May 1 when Ricardo’s board received a notice from Science Group and Ropemaker Nominees Limited requesting a general meeting. The board had posted a circular to shareholders on May 21 containing the meeting notice.
Ricardo confirmed in a press release statement that the meeting was formally adjourned earlier today.
WSP Global and WSP UK have stated that the financial terms of the acquisition are final and will not be increased, except in specific circumstances. These exceptions include an announcement of a possible offer by a third party or with consent from the Panel on Takeovers and Mergers in "wholly exceptional circumstances."
Ricardo is being advised by Gleacher Shacklock as financial adviser and Investec (LON:INVP) as corporate broker in connection with the acquisition.
The announcement includes disclosure requirements under the Takeover Code, noting that interested parties holding 1 percent or more of relevant securities must make appropriate disclosures.
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