HSBC Holdings
HSBC
MIDLAND GROUP
For immediate release; not for release, publication
or distribution in or into the USA, Malaysia or Japan
HSBC Holdings plc ("HSBC Holdings")
and Midland Bank plc ("Midland")
Posting of Final Offer
HSBC Holdings is today posting to Midland shareholders its Final Offer document.
The Final Offer values each Midland share at 449p, representing
a premium of 77 per cent. over Midland's market value before the merger talks were announced
a premium of 50 per cent. over Midland's net asset value at 31 December 1991
a substantial increase in income
The Final Offer will not be increased in any circumstances. It will close at 1.00 pm on 25 June 1992 and will not be extended beyond that date unless it has by then become or been declared unconditional as to acceptances.
Since the Final Offer Document went to press, the FTSE 100 Index Steering Committee has announced that all shares of HSBC Holdings will be eligible for inclusion in the FTSE 100 Index from the date on which the Final Offer becomes unconditional in all respects.
William Purves, Chairman of HSBC Holdings, said today:
"We believe that our Final Offer is full and fair and that the opportunities open to the enlarged group are excellent. I look forward to welcoming Midland shareholders into our group."
Sir Peter Walters, Chairman of Midland, said today:
"We believe that the Final Offer constitutes an exceptional opportunity for Midland shareholders in terms of both earnings potential and asset backing. The board of Midland recommends Midland shareholders to accept the Final Offer."
11th June 1992
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