Communiqué d'Exel et de Tibbett et Britten
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EXEL'S OFFER FOR TIBBETT & BRITTEN BECOMES UNCONDITIONAL
(London, UK - 04 August, 2004) Exel, the global leader in supply chain management, today confirms that all regulatory competition procedures and required shareholder approvals have now been received and its cash offer for Tibbett & Britten is now unconditional. Exel offered 668 pence in cash for each Tibbett & Britten share, valuing the entire issued and to be issued ordinary share capital of Tibbett & Britten at approximately £328 million. The cash consideration payable under the offer will be funded from Exel's own resources and bank facilities.
This acquisition strengthens Exel's customer focused strategy and provides real and significant strategic benefits by combining the two businesses, enhancing growth opportunities. The acquisition will reinforce Exel's position in contract logistics outside the UK and provide critical mass in a number of key markets, offering complementary skills and customers in the non-food retail market, a key growth area for Exel and create opportunities to cross-sell integrated supply chain and freight management solutions to Tibbett & Britten customers. It is expected that the deal will add approximately 70% to Exel's contract logistics turnover in both Continental Europe and the Americas. The turnover of Tibbett & Britten's activities in Continental Europe and the Americas for the year ended 31 December 2003 were £283 million and £597 million, respectively.
Exel will commence integration of Tibbett & Britten immediately and is looking to complete the majority of this process by 31 December, 2004, with the majority of Tibbett & Britten's business being amalgamated within the global Exel brand. It is anticipated that the amalgamation of the two businesses and streamlining of functions will generate cost savings of around £15-20 million per annum.
John Allan, Chief Executive of Exel, commented, "With the news that this offer has gone unconditional, we are now in a position to start integrating Exel and Tibbett and Britten. We have a great deal of experience in this area since the successful merger of Ocean and NFC to form Exel four years ago and a number of other acquisitions in the interim. We plan to achieve total integration as quickly as possible, to focus upon our customers and to maintain emphasis upon continued growth."
NOTES FOR EDITORS - ABOUT EXEL
Exel is the global leader in supply chain management, providing customer-focused solutions to a wide range of manufacturing, retail and consumer industries. Exel's comprehensive range of innovative logistics solutions encompasses the entire supply chain from design and consulting through freight forwarding, warehousing and distribution services to integrated information management and e-commerce support.
Exel, a UK listed, FTSE 100 company, with turnover of £5.1 billion (US$8.3 billion/EUR7.4 billion), employs over 74,000 people in 1,600 locations in more than 120 countries worldwide. Exel's customers include over 70% of the world's largest, quoted non-financial companies. More information is available at www.exel.com.
__________________________________________
EXEL'S OFFER FOR TIBBETT & BRITTEN BECOMES UNCONDITIONAL
(London, UK - 04 August, 2004) Exel, the global leader in supply chain management, today confirms that all regulatory competition procedures and required shareholder approvals have now been received and its cash offer for Tibbett & Britten is now unconditional. Exel offered 668 pence in cash for each Tibbett & Britten share, valuing the entire issued and to be issued ordinary share capital of Tibbett & Britten at approximately £328 million. The cash consideration payable under the offer will be funded from Exel's own resources and bank facilities.
This acquisition strengthens Exel's customer focused strategy and provides real and significant strategic benefits by combining the two businesses, enhancing growth opportunities. The acquisition will reinforce Exel's position in contract logistics outside the UK and provide critical mass in a number of key markets, offering complementary skills and customers in the non-food retail market, a key growth area for Exel and create opportunities to cross-sell integrated supply chain and freight management solutions to Tibbett & Britten customers. It is expected that the deal will add approximately 70% to Exel's contract logistics turnover in both Continental Europe and the Americas. The turnover of Tibbett & Britten's activities in Continental Europe and the Americas for the year ended 31 December 2003 were £283 million and £597 million, respectively.
Exel will commence integration of Tibbett & Britten immediately and is looking to complete the majority of this process by 31 December, 2004, with the majority of Tibbett & Britten's business being amalgamated within the global Exel brand. It is anticipated that the amalgamation of the two businesses and streamlining of functions will generate cost savings of around £15-20 million per annum.
John Allan, Chief Executive of Exel, commented, "With the news that this offer has gone unconditional, we are now in a position to start integrating Exel and Tibbett and Britten. We have a great deal of experience in this area since the successful merger of Ocean and NFC to form Exel four years ago and a number of other acquisitions in the interim. We plan to achieve total integration as quickly as possible, to focus upon our customers and to maintain emphasis upon continued growth."
NOTES FOR EDITORS - ABOUT EXEL
Exel is the global leader in supply chain management, providing customer-focused solutions to a wide range of manufacturing, retail and consumer industries. Exel's comprehensive range of innovative logistics solutions encompasses the entire supply chain from design and consulting through freight forwarding, warehousing and distribution services to integrated information management and e-commerce support.
Exel, a UK listed, FTSE 100 company, with turnover of £5.1 billion (US$8.3 billion/EUR7.4 billion), employs over 74,000 people in 1,600 locations in more than 120 countries worldwide. Exel's customers include over 70% of the world's largest, quoted non-financial companies. More information is available at www.exel.com.