Intercontinental Hotels group PLC announcement of Britvic IPO offer prices
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Intercontinental Hotels group PLC announcement of Britvic IPO offer prices
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2005-12-09
InterContinental Hotels Group PLC (“IHG”) today announces the pricing of the initial public offering of Britvic plc. IHG will sell approximately 79 million Britvic shares at an offer price of 230p per Britvic share equivalent to total proceeds (before deducting any commissions or expenses) of approximately £182m. This represents approximately 77% of IHG’s holding in Britvic plc. IHG has also granted an over-allotment option over a further 23 million Britvic shares, which if exercised in full, means it would sell 100% of its holding in Britvic resulting in total proceeds of approximately £235m (before deducting any commissions or expenses).
If the over-allotment option is not fully exercised, IHG will continue to hold up to 23 million shares in Britvic. The total value of IHG’s stake in Britvic based on the above offer price and including special dividends received is approximately £371m.
Andrew Cosslett, Chief Executive, InterContinental Hotels Group, said:
"The disposal of our shares in Britvic is a continuation of InterContinental Hotels Group's strategy of focusing on being a global leader in franchising and managing hotels. We wish Britvic the very best as a stand-alone company.”
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