Board of Chaucer and Highway confirm advance discussions

The Boards of Chaucer and Highway confirmed they were in advanced discussions about a possible recommended all share offer by Chaucer for Highway. The offer will be based on 44 Chaucer ordinary shares for every 54 Highway ordinary shares and under the terms currently proposed, shareholders in Highway would retain their rights to the final dividend proposed for the year ending 31 December 2004 but would not receive the Chaucer final dividend. The Boards of Chaucer and Highway said they

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