Following recent representations made by the advisers to LSE, the Panel Executive
has been considering the application of Rule 2.4(b) of the Code to the announcement
made by Macquarie stating the possibility of Macquarie making an offer for LSE.
Following discussions with both parties’ advisers, the Panel Executive has ruled that
Macquarie must, by 5.00pm on 15 December 2005, either announce a firm intention
to make an offer for LSE under Rule 2.5 of the Code or announce that it does not
intend to make an offer for LSE. No extension to this deadline will be granted, except
with the consent of the Panel Executive. In the event that Macquarie announces that it
does not intend to make an offer for LSE, Macquarie and any person acting in concert
with it will, except with the consent of the Panel Executive, be bound by the
restrictions contained in Rule 2.8 of the Code for six months from the date of such
announcement.
Each of the parties has accepted this ruling.
