Serco Group PLC - Offer Unconditional as to Acceptances
Topic 1 Company News Feed formerly Regulatory News ServiceSerco Group PLC - Offer Unconditional as to AcceptancesJanuary 31, 2005 MondayNot for release, publication or distribution in, into or from the UnitedStates, Canada, Australia or Japan. RECOMMENDED OFFER TO ACQUIRE ITNET PLC ("ITNET") MADE BY LAZARD & CO., LIMITED ON BEHALF OF SERCO GROUP PLC ("SERCO") OFFER UNCONDITIONAL AS TO ACCEPTANCES On 16 December 2004, Serco announced a cash offer with a partial sharealternative to acquire the entire issued and to be issued ordinary sharecapital of ITNET which is unanimously recommended by the ITNET Board ofDirectors.LEVEL OF ACCEPTANCESSerco today announces that as at 3.00 p.m. (London time) on 28 January 2005valid acceptances of the Offer had been received in respect of 58,513,032 ITNETShares, representing approximately 79.6 per cent. of the existing issuedordinary share capital of ITNET.As previously advised, Serco received irrevocable undertakings to accept theOffer from the Directors of ITNET in respect of 3,447,708 ITNET Shares,representing approximately 4.5 per cent. of ITNET's existing issued and to beissued ordinary share capital. Valid acceptances in respect of 2,140,460 ofthese shares were received by Serco prior to 28 January 2005 and are includedin the acceptances referred to above. The remaining 1,307,248 ITNET Shares thatare subject to the irrevocable undertakings are to be allocated or issuedpursuant to the exercise of options granted, or the vesting of awards, underthe ITNET Share Option Schemes or ITNET Share Schemes.
