IHG Seeks to Exit Britvic
UNITED KINGDOM, November 14, 2005. InterContinental Hotels Group has announced disposal of up to 100% of its interest in Britvic by way of initial public offering.
IHG has been pursuing a strategy of focusing on managing and franchising hotels. In line with this strategy, in March 2004, IHG announced that it had reached an agreement in principle with the other Britvic shareholders (Pernod Ricard Whitbread and PepsiCo) to consider the disposal of their respective interests in Britvic by way of an IPO at any point between January 2005 and December 2008. IHG and the other Britvic shareholders have concluded that it is now appropriate to proceed with the IPO.
Due to the size of the IPO relative to IHG, the Disposal is conditional, inter alia, upon Shareholders' approval being obtained at an Extraordinary General Meeting. A formal notice of the meeting and the resolution to be proposed will be sent to shareholders shortly, together with a circular setting out further details of the disposal of Britvic.
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