25 August 2004 LAWFUEL – Best for law, law news, legal news, lega…

25 August 2004 LAWFUEL – Best for law, law news, legal news, legal research Herbert Smith is advising Johnston Group plc in connection with the recommended cash offer announced yesterday by Anglo American plc, as well as in relation to the unsolicited offer made by Ennstone plc on 4 August 2004.

Ennstone secured irrevocable undertakings to accept its offer from 50.1% of Johnston shareholders. However it was agreed that these would lapse if a recommended offer at a premium of more than 10% of the Ennstone offer price was announced before 3 pm on 25 August 2004.

Following recent discussions, agreement has now been reached on the terms of a recommended cash offer by Anglo American. At a price of 491p per share, this values the existing ordinary share capital of Johnston at approximately £53 million – a premium of over 100% on the price of Johnston ordinary shares prior to the announcement of Ennstone’s offer.

Corporate partner Roddy Martin is leading the Herbert Smith team, and is being assisted by Caty Spencer and Peter Myners.

Partners Jonathan Scott and James Quinney, and associate Alex Lee, are advising on UK competition issues. Partner Alison Brown is advising on pensions issues; and associates Andrew Taggart and Duncan Lendrum are advising on employment matters.

Roddy Martin commented:

“We are delighted to have been able to support our client during the offer process to date and to have assisted them in securing a higher offer, in a form that they have been able to recommend to their shareholders, within an extremely tight timetable.”

Linklaters (partner Michael Sullivan and assistant James Sporle) is advising Anglo American. JonesDay is advising Ennstone.


Notes to editors:

* Herbert Smith is an international broad-based law firm with over
1000 lawyers (including some 200 partners) and a network of offices in Europe and Asia. Gleiss Lutz, Herbert Smith and Stibbe are three independent firms that have a formal alliance assisting them in delivering cross-border services to their respective clients.

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