StockMarketWire.com - Severn Trent notes that Ancala Fornia has posted the offer document containing the terms and conditions of its offer to Dee Valley shareholders.

Severn Trent says it has announced an offer for Dee Valley of 1,825 pence in cash for each Dee Valley ordinary voting share and 1,713 pence in cash for each Dee Valley ordinary non-voting share.

Severn Trent says its offer is 119 pence (7%) higher than Ancala's offer of 1,706 pence for each Dee Valley ordinary voting share and 111 pence (6.9%) higher than Ancala's offer of 1,602 pence for each Dee Valley ordinary non-voting share.

It adds that the board of Dee Valley has announced its intention to recommend unanimously that all Dee Valley ordinary voting and ordinary non-voting shareholders accept the revised Severn Trent offer.

Severn Trent also notes that the board of Dee Valley intends to work with Severn Trent in implementing as soon as possible the terms of the revised scheme.

Severn Trent says the revised acquisition includes a loan note alternative to the cash consideration available.

Severn Trent's intention in introducing the loan note alternative is that UK tax resident shareholders who would otherwise trigger for UK tax purposes a capital gain if they accepted cash under the revised acquisition will instead be able to elect to receive loan notes, in which case a capital gain would not be realised for tax purposes on the disposal of their Dee Valley ordinary shares.


At 1:28pm: [LON:SVT] Severn Trent PLC share price was 0p at 2209p



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