Persimmon PLC
30 January 2001
Not for release, publication or distribution in or into the
United States of America, Canada, Australia or Japan
Persimmon plc ('Persimmon')
Recommended final* offer for
Beazer Group Plc ('Beazer')
The Boards of Persimmon and Beazer announce that the Board of Beazer has
agreed to recommend Persimmon's final* offer ('the Offer') for Beazer.
The terms of the Offer are as set out in the announcement dated Wednesday 24th
January, 2001, save that Persimmon has agreed to offer Beazer shareholders
loan notes as an alternative to all or part of the cash consideration which
would otherwise be receivable by them under the Offer and the mix and match
election. The details of the loan notes will be set out in the formal offer
documentation to be sent to Beazer shareholders. On the basis of yesterday's
closing mid-market price of 279.5p per Persimmon Share, the Offer values each
Beazer Share at approximately 195p.
The formal offer documentation for Beazer shareholders, a circular to
Persimmon shareholders explaining the Offer and listing particulars relating
to Persimmon will be posted shortly.
Commenting on today's announcement, Victor Benjamin, Chairman of Beazer, said:
'The Board of Beazer has considered the terms of Persimmon's Offer and is
pleased to recommend the Offer to Beazer shareholders'.
Commenting on today's announcement, Duncan Davidson, Group Chairman of
Persimmon, said:
'We are delighted that the Board of Beazer has agreed to recommend our offer.
We look forward to welcoming Beazer's shareholders, customers and staff to the
Persimmon Group'.
Press enquiries:
Persimmon John White 01904 642 199
Group Chief Executive
ABN AMRO Corporate Finance Limited Martin Wright 020 7678 8000
Finsbury Ed Orlebar 020 7251 3801
Beazer Victor Benjamin 01225 428 401
John Low
Lazard Nicholas Jones 020 7588 2721
John Wilford
Bell Pottinger Matthew Moth 020 7353 9203
*The Offer is final and will not be revised or increased. However, Persimmon
reserves the right to amend, improve, revise, increase or change the terms of
the Offer in the event of a revised offer from Bryant or any other competitive
situation arising or otherwise with the consent of the Panel.
ABN AMRO Corporate Finance Limited, which is regulated in the United Kingdom
by The Securities and Futures Authority Limited, is acting exclusively for
Persimmon and no-one else in connection with the Offer and will not be
responsible to anyone other than Persimmon for providing the protections
afforded to customers of ABN AMRO Corporate Finance Limited or for giving
advice in relation to the Offer.
Lazard, which is regulated in the United Kingdom by The Securities and Futures
Authority Limited, is acting exclusively for Beazer and no-one else in
connection with the Offer and will not be responsible to anyone other than
Beazer for providing the protections afforded to customers of Lazard or for
providing advice in relation to the Offer.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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