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Empiric withdraws statements over potential Unite cost synergies
(Sharecast News) - Empiric Student Property issued a clarification on Monday, after what i called "unauthorised comments" regarding potential synergies and regulatory risks linked to a possible takeover by the Unite Group were made during a meeting with investors and an analyst on 5 June. The company confirmed that the meeting took place shortly after it announced it had entered an initial due diligence period with Unite, placing it within an offer period under the Takeover Code.
However, the meeting was held without the presence of a financial adviser or corporate broker, breaching rule 20.2(b) of the code.
Following the meeting, the analyst published statements suggesting that significant cost synergies could be achieved and that the CMA might review Empiric's presence in six cities, potentially requiring asset disposals.
Empiric said it had now fully retracted those statements, advising shareholders to disregard them.
The company acknowledged that the synergy estimates were not compiled with the care required under rule 28.1(a), and that there had been no engagement with the Competition and Markets Authority to date.
At 1252 BST, shares in Empiric Student Property were flat at 103.2p.
Reporting by Josh White for Sharecast.com.
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