Content
All Regulatory Approvals Regarding TUI'S Proposed Acquisition of CP Ships Obtained or Waived
| 17.10.05 Hanover, Germany & Gatwick, UK (17 October 2005) - TUI AG and CP Ships Limited jointly announced today that all regulatory approvals required in connection with TUI's proposed acquisition of CP Ships have either been obtained or the requirement to obtain such approvals prior to expiry of the offer have been waived by TUI. Except for this waiver, the terms and conditions previously set forth in the offer continue to be applicable in all respects. TUI expects to complete the offer shortly after its expiry on October 18, 2005 at 6:00 p.m. Eastern time, provided that at least 66 2/3 per cent of the shares on a fully diluted basis have been deposited to the offer. The offer will not be extended if the 66 2/3 per cent deposit condition is met. If at least 90 per cent of the outstanding shares are deposited to the offer, TUI expects to acquire the balance of the shares in October, 2005 pursuant to the statutory compulsory acquisition provisions contained in the corporate legislation governing CP Ships. If less than 90 per cent of the outstanding shares are deposited to the offer, TUI expects to cause CP Ships to hold a shareholder meeting to approve an amalgamation in order for TUI to obtain 100 per cent of the shares by December 31, 2005. -ends- |
|||
