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February 16, 1989

PLESSEY TO APPEAL HIGH COURT RULING IN FAVOUR OF GEC

By CBR Staff Writer

Plessey Co Plc announced after close of play Wednesday that it will appeal the High Court ruling in favour of GEC Plc over Plessey’s contention that the latter’s conditional agreements with Siemens AG trigger the pre-emptive buyout rights in the GEC Plessey Telecommunications Plc venture framework: the judge ruled that although the agreements between GEC and Siemens would be in breach of the terms, they wouldn’t come into effect until any GEC Siemens Plc bid for Plessey went unconditional, and therefore the agreement had not yet been breached; by the time the thing goes unconditional, it would of course be too late for Plessey.

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