Heron and Crest continue struggle

April 27, 2005
Gerald Ronson’s Heron Corporation stepped up its campaign for Crest Nicholson by urging shareholders to “press the board” to permit Heron access to information on Crest. In a statement to the London Stock Exchange (LSE) Heron said: “If Crest Nicholson does not provide information on the business in advance of May 4, then Heron will not make an offer for Crest Nicholson.” Crest responded by issuing it’s own statement to the LSE reiterating its belief that Heron has undervalued the company. It went on to say: “The board believes that there is sufficient information in the public domain to place an appropriate indicative value on the Company.” Crest also called for Heron to clarify the price of an offer, the parties who would make any offer, sources of funding and a timetable. “To this end, Crest is prepared to meet with Heron to assist Heron in improving its position as regards value and in clarifying other key components of its proposal,” it said.

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