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$42 Million Bendon Bid Offers Up To $1.99 Share

20 February 2002


$42 Million Bid Gives Bendon Shareholders Up To $1.99 Share


The consortium of Bendon managing director Hugo Venter and AMP Henderson Global Investors, today increased its offer to $42 million for Bendon Limited, the operating subsidiary of Bendon Group.

“Having completed due diligence and considered the Grant Samuel findings we have decided to increase our offer to $42 million and move the effective purchase date to 31 March to allow Bendon Group shareholders to receive the benefit of fourth quarter earnings,” said Mr Venter.

"Our increased bid raises the likely amount of funds available for distribution to shareholders to between $1.96 and $1.99 per share. This consists of our offer for the subsidiary (equivalent to $1.36), the cash in Bendon Group Limited (estimated at 57 cents net of estimated restructuring costs) and the final trading results for the fourth quarter (estimated at 6 cents),” he said.

“This offer provides shareholders with up to nine cents more than the other offer. We would suggest that shareholders think carefully and take advice before making any decisions.”

The Venter/AMP Henderson Global Investors offer is only for the operating subsidiary and not for the cash assets of the NZSE listed parent company.

“Almost four weeks of due diligence has strengthened our original belief that this company, like most great fashion houses, would function best as a 100% privately owned company where it can operate more flexibly and with reduced overheads. This is why we are interested in bidding for the subsidiary business and not the listed entity.”

AMP Henderson Global Investors managing director Catherine Savage said she was keen to provide swift payment if the Board and shareholders supported the offer.

“We were pleased to note Board advice that distribution of the majority of cash proceeds would take only two weeks after a successful shareholder vote. This should allow shareholders to receive the cash promptly,” said Ms Savage.

“Should we be successful we would provide immediate payment for the subsidiary company to fast track the flow of funds back to Bendon Group shareholders,” she said.

Ends.

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