Thorntons offer talks are over
Bidders offer undervalued the company say the directors.Christopher Burnett has agreed to leave the company
Newco’s revised indicative offer proposal, which was still subject to a number of pre-conditions, including further due diligence and clearance by The Pensions Regulator, was significantly lower than its pre-conditional offer proposal of 185 pence per share which was announced by the Company on 19 August 2005.
The Company also announced that following termination of discussions on the potential bid, Christopher Burnett has agreed with the Independent Directors that it would be in the best interests of the Company for him to step down as Chairman and leave the Company immediately. John Jackson will act as interim
Chairman until such time as a permanent appointment can be made.
