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News Release from: INS International Nuclear Solutions
Edited by the Manufacturingtalk Editorial
Team on 13 April 2007
Nuclear acquisition agreed
The International Nuclear Solutions' (INS) board has recommended the share price offer by Babcock International Group to Its shareholders.
The boards of Babcock International Group and International Nuclear Solutions are pleased to announce that they have reached agreement on the terms of a recommended cash offer by Babcock for the share capital of INS not already owned by Babcock The offer values each the existing issued share capital of INS at approximately GBP39.3 million
This article was originally published on Manufacturingtalk on 20 Dec 2006 at 8.00am (UK)
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Commenting on the offer, Chris Brown, Chairman of INS, said: "I am pleased to announce our recommendation of Babcock's offer.
The offer price of 63 pence per share represents an attractive premium to the average share price over the last six months.
The offer provides a significant return to both our new investors and our long standing investors, many of whom had been shareholders in RTS for many years".
The INS Directors, who have been advised by Rothschild and Grant Thornton, consider the terms of the Babcock offer to be fair and reasonable.
Accordingly, the they will unanimously recommend that their shareholders vote in favour of the resolutions to be proposed at the Court Meeting and the EGM.
Gordon Campbell, Chairman of Babcock, said: "INS offers an excellent strategic fit with our existing civil nuclear engineering activities and brings to us an important set of new customers and capabilities.
The acquisition of INS will position the Group to bid for a wider range of opportunities in the expanding market for nuclear utility support services and decommissioning".
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