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Hirst Takes Feltex Merger Proposal Off The Table

18 October 2005

Godfrey Hirst Takes Feltex Merger Proposal Off The Table

Godfrey Hirst today confirmed that it is no longer in active discussions with the Board of Directors of Feltex Carpets regarding a potential merger of the two companies.

Finance Director Jim Walsh said it became clear during a meeting yesterday that the merger proposal was unlikely to gain the support of the Feltex Board.

“While we continue to believe that the merger proposal was an attractive one for Feltex shareholders, it could only have been achieved with the support of the Feltex Board. However, we have agreed to explore rationalisation opportunities that could extract potential benefits for both companies,” he said.

“As Feltex’s largest shareholder we will continue to monitor the company’s restructuring progress closely to determine if the expected savings are able to be realised.”

Walsh said while the company was disappointed it could not reach an agreement with Feltex it was now moving on and would continue to develop its business in both New Zealand and Australia.

ENDS


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