BUCKINGHAMSHIRE, U.K., Jan. 21, 2004 (PRIMEZONE) -- Recommended share exchange acquisition of Amersham plc ("Amersham") by General Electric Company and GE Investments, Inc. (together "GE") by means of a scheme of arrangement (the "Scheme") under section 425 of the Companies Act 1985 (the "Acquisition")
On 10 October 2003, GE and Amersham announced the pre-conditional recommended Acquisition of Amersham applying a share exchange ratio which, at announcement, valued each Amersham share at 800 pence and the diluted share capital of Amersham at approximately (Pounds)5.7 billion ($9.5 billion).
GE and Amersham today announce that the pre-conditions to the making of the Acquisition have now been satisfied. The pre-conditions included regulatory clearances from the European Commission, received today, and from the US anti-trust authorities, received on 1 December 2003.
It is expected that Amersham's preliminary results for 2003 will be announced and the documentation relating to the Scheme (which will incorporate Amersham's preliminary results) will be despatched to Amersham shareholders in approximately four weeks and it is intended that the Acquisition will complete in early April. Full details of the terms and conditions and expected timetable of the Acquisition and the Scheme will be set out in the scheme documentation.
Completion of the Acquisition remains subject to the satisfaction or, if permitted, waiver of the conditions to the Acquisition as set out in the press release of 10 October 2003, including, inter alia, the approval of Amersham shareholders and the sanction of the Scheme by the High Court.
Enquiries: GE Richard Wacker (GE Investor Relations) +1 203 373 2468 Pam Wickham (GE Medical Systems) +1 262 544 3530 Louise Binns (GE Corporate Europe) +32 2 235 6912 Peter Stack (GE Corporate Financial) +1 203 373 2283 Goldman Sachs International Richard Butland +44 20 7774 1000 Amersham plc Alexandra Morris (Investor Relations) +44 1494 542 051 Dr Lynne Gailey (Media Relations) +44 1494 542 050 Dr Graeme Holland (Media Relations) +44 1494 542 115 Nancy Thingstad (Media Relations, Norway) +47 2318 5138 Lucy Morrison (US Investor Relations) +1 732 457 8092 J. P. Morgan plc Edward Banks +44 20 7742 4000 Morgan Stanley & Co. Limited Johannes Groeller +44 20 7425 5000
Goldman Sachs International, which is regulated in the United Kingdomby the Financial Services Authority, is acting exclusively for GE andno one else in connection with the Acquisition and will not beresponsible to anyone other than GE for providing the protectionsafforded to customers of Goldman Sachs International nor forproviding advice in relation to the Acquisition, or any matterreferred to herein.
J. P. Morgan plc, which is regulated in the United Kingdom by theFinancial Services Authority, is acting exclusively for Amersham asjoint financial adviser and no one else in connection with theAcquisition and will not be responsible to anyone other than Amershamfor providing the protections afforded to customers of J. P. Morganplc nor for providing advice in relation to the Acquisition, or anymatter referred to herein.
Morgan Stanley & Co. Limited, which is regulated in the UnitedKingdom by the Financial Services Authority, is acting exclusivelyfor Amersham as joint financial adviser and for no one else inconnection with the Acquisition and will not regard any other personas a client in relation to the Acquisition and will not beresponsible to anyone other than Amersham for providing theprotections afforded to clients of Morgan Stanley & Co Limited norfor providing advice in relation to the Acquisition, or any matterreferred to herein.
The directors of General Electric Company accept responsibility forthe information contained in this announcement except for theinformation relating to Amersham and GE Investments, Inc. To the bestof the knowledge and belief of the directors of General ElectricCompany (who have taken all reasonable care to ensure that such isthe case) the information contained in this announcement is inaccordance with the facts and does not omit anything likely to affectthe import of such information.
The directors of GE Investments, Inc. accept responsibility for theinformation contained in this announcement relating to GEInvestments, Inc. To the best of the knowledge and belief of thedirectors of GE Investments, Inc. (who have taken all reasonable careto ensure that such is the case) the information contained in thisannouncement is in accordance with the facts and does not omitanything likely to affect the import of such information.
The directors of Amersham accept responsibility for the informationcontained in this announcement relating to Amersham. To the best ofthe knowledge and belief of the directors of Amersham (who have takenall reasonable care to ensure that such is the case) the informationcontained in this announcement is in accordance with the facts anddoes not omit anything likely to affect the import of suchinformation.