- 3 min
On 22 May 2006, Crédit Agricole S.A. announced that it was assessing Alliance and Leicester, amongst others, as a potential acquisition opportunity but that its evaluation was at a preliminary stage. Since then, Crédit Agricole S.A. has undertaken further analysis of Alliance and Leicester and the returns it could generate from an offer for Alliance and Leicester. In light of this analysis, Crédit Agricole S.A. has decided that it does not wish to proceed with an offer for Alliance and Leicester. Crédit Agricole S.A. has not submitted an offer proposal to Alliance and Leicester and has not carried out any non-public due diligence on Alliance and Leicester.
For the purposes of Rule 2.8 of The City Code on Takeovers and Mergers, Crédit Agricole S.A. reserves the right to make or participate in an offer for Alliance and Leicester shares in the next six months (i) with the agreement or recommendation of the Alliance and Leicester board; (ii) if any announcement is made by or on behalf of Alliance and Leicester or a third party relating to the making of an offer or possible offer (whether full or partial) for Alliance and Leicester; (iii) upon the announcement by or on behalf of Alliance and Leicester of a “whitewash” proposal or any proposal to implement a scheme of arrangement, reverse takeover or any other business combination with a third party; or (iv) if there is a material change in circumstances.