Response to GDF SUEZ S.A. Indicative Proposal
Further to the announcement made by International Power plc ("IPR") on 29 March 2012 regarding the receipt of an indicative proposal from GDF SUEZ S.A. ("GDFS"), the Independent Committee of the Board of IPR (the "Independent Committee") has carefully considered the indicative proposal with its advisers.
The members of the Independent Committee have unanimously concluded that the indicative proposal of 390 pence per share undervalues IPR and accordingly GDFS has been notified that the Independent Committee is unable to accept the indicative proposal.
Under the terms of the Relationship Agreement between GDFS and IPR (which were summarised in the circular to IPR shareholders dated 19 November 2010), GDFS and its affiliates (and certain concert parties of GDFS and its affiliates) are generally restricted from making a takeover offer for all (or any) of the outstanding IPR ordinary shares for the period until 3 August 2012 (or earlier with the consent of all of the Independent Non-Executive Directors).
