ABU DHABI, 10th February, 2023 (WAM) -- First Abu Dhabi Bank (FAB) reiterated today that it's “not evaluating a possible offer for Standard Chartered.”
This came in a clarification announcement by FAB to Abu Dhabi Securities Exchange (ADX) wherein the country's main lender addressed the recent the recent press speculation in relation to Standard Chartered and reiterateed that it is not evaluating a possible offer for Standard Chartered.
"Accordingly, First Abu Dhabi Bank, and any person acting in concert with it, is bound by the restrictions under Rule 2.8 of the UK Code and Rule 31.1(c) of
the Hong Kong Code on Takeovers and Mergers (the “HK Code”)."
The statement added that any person acting in concert with First Abu Dhabi Bank, reserves the right to announce an offer or possible offer for the Company or make or participate in an offer or possible offer for the Company and/or take any other action otherwise precluded under Rule 2.8 of the UK Code or Rule 31.1(c) of the HK Code within six months of the date of this announcement in the following circumstances:
A-With the agreement of the board of the Company;
B- If a third party announces a firm intention to make an offer for the Company;
C- If the Company announces a Rule 9 waiver proposal for the purposes of the UK Code or a “whitewash” proposal for the purposes of the HK Code (see Note 1 of the Notes on Dispensations from Rule 9 of the UK Code and Note 1 of the Dispensations from Rule 26.1 of the HK Code) or a reverse takeover (as defined in
the UK Code); and/or
D- If there has been a material change of circumstances (as determined by the Panel on Takeovers and Mergers and the Takeovers Executive of the Securities and Futures Commission of Hong Kong).