On 29 January 2007, the Board of Devro (the "Board") announced that it was in discussions which may or may not lead to an offer being made for the whole of the issued and to be issued share capital of the Company at 150 pence per share in cash, and the update provided in Devro's preliminary results announcement on 7 March 2007 stated that due diligence was largely complete and that discussions were taking place with the trustees of Devro's UK pension scheme.
The potential offeror and the trustees have been unable to reach a mutually acceptable position in relation to the longer term security of Devro's UK pension scheme despite a significant amount of time and effort by all parties. Accordingly, the Board announces that discussions between the Board and the potential offeror have been terminated.
The Board is at an advanced stage in identifying a successor to Graeme Alexander, Chief Executive Officer and expects that a further announcement will be made shortly.
The Company will be holding its AGM on 3 May 2007, and as is customary for Devro, the AGM statement will contain an update on current trading and prospects.