InterContinental Hotels Group announces disposal of up to 100% of its interest in Britvic by way of initial public offering
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InterContinental Hotels Group announces disposal of up to 100% of its interest in Britvic by way of initial public offering
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2005-11-14
InterContinental Hotels Group PLC (‘IHG’ or the ‘Company’) today announces that it intends to dispose of part or all of its 47.5% interest in Britvic 1 (‘Britvic’) by way of an initial public offering (the ‘Disposal’ or ‘IPO’) of the Britvic shares.
IHG has been pursuing a strategy of focusing on managing and franchising hotels. In line with this strategy, in March 2004, IHG announced that it had reached an agreement in principle with the other Britvic shareholders (Pernod Ricard (then Allied Domecq), Whitbread and PepsiCo) to consider the disposal of their respective interests in Britvic by way of an IPO at any point between January 2005 and December 2008. IHG and the other Britvic shareholders have concluded that it is now appropriate to proceed with the IPO.
Due to the size of the IPO relative to IHG, the Disposal is conditional, inter alia, upon Shareholders’ approval being obtained at an Extraordinary General Meeting. A formal notice of the meeting and the resolution to be proposed will be sent to shareholders shortly, together with a circular setting out further details of the disposal of Britvic. A separate letter (the ‘Shareholder Letter’), expected to be posted on 25 November 2005, simultaneous with the publication of the Britvic price range prospectus, will detail the IPO price range and the number of Britvic shares to be sold by Britvic shareholders in the IPO, together with certain additional information. The Shareholder Letter, for regulatory reasons, will not be sent into the United States.
The Extraordinary General Meeting will be held at Lawrence Hall, The Royal Horticultural Society Halls, Greycoat Street, London SW1P 2QD at 10.30 am on 7 December 2005.
For further information, please contact:
Investor Relations +44 (0) 1753 410 176
(Gavin Flynn/Paul Edgecliffe-Johnson):
+44 (0) 7808 098 972
Media Affairs +44 (0) 1753 410 425
(Leslie McGibbon): +44 (0) 7808 094 471
These materials are not an offer for sale of securities. The securities referred to herein will not be or have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act.
1 The current holding company of the Britvic Soft Drinks group is Britannia Soft Drinks Limited. Britannia SD Holdings Limited (to be renamed Britvic plc) will become the holding company of Britannia Soft Drinks Limited prior to the IPO. It will be the shares of Britvic plc that will be offered in the IPO.
Note to Editors:
InterContinental Hotels Group PLC of the United Kingdom [LON:IHG, NYSE:IHG (ADRs)] is the world's largest hotel group by number of rooms. InterContinental Hotels Group owns, manages, leases or franchises, through various subsidiaries, more than 3,500 hotels and over 537,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel IndigoTM, and also manages the world's largest hotel loyalty programme, Priority Club® Rewards, with over 26 million members worldwide. In addition to this, InterContinental Hotels Group has a 47.5% interest in Britvic, one of the two leading manufacturers of soft drinks, by value and volume, in Great Britain.
InterContinental Hotels Group offers information and online reservations for all its hotel brands at www.ichotelsgroup.com and information for the Priority Club Rewards programme at www.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press Office at www.ihgplc.com/media.
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