Offer talks terminated for Thorntons and Chairman steps down
Thursday, February 02, 2006
Thorntons today announced that recent discussions with 'Newco' have now been terminated.
Newco offered a revised indicative offer proposal of 130 pence per share which Thorntons directors believed undervalued the Company. This offer had a number of pre-conditions, including further due diligence and clearance by The Pensions Regulator, and was significantly lower than Newco's original pre-conditional offer proposal of 185 pence per share which was announced by Thorntons on 19 August 2005.
As Newco was backing Thorntons' Chairman Christopher Burnett in the talks, he has agreed with Thorntons' 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.
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