Merger with Benckiser - Offer Period Closed

Reckitt & Colman PLC 30 November 1999 Not for release, publication or distribution, in whole or in part, in or into the United States, Canada, Australia or Japan. RECKITT & COLMAN MERGER WITH BENCKISER - OFFER PERIOD CLOSED In connection with the merger between Reckitt & Colman plc and Benckiser N.V., Reckitt & Colman plc announces that as at 15.00 hours, Amsterdam time on 30 November 1999, 41,786,556 Benckiser B Shares, representing 96.7% of the outstanding Benckiser B Shares, had been submitted for exchange in accordance with the Offer. Together with the Benckiser A Shares which have been committed, this represents 98.5% of the aggregate nominal amount of Benckiser's outstanding share capital. Allotment of the new Reckitt & Colman plc shares to holders of Benckiser B Shares who have accepted the offer will be made on 3 December 1999. Dealings in the new Reckitt & Colman plc shares will commence on 6 December 1999. Definitive share certificates for the new Reckitt & Colman plc shares will be posted on 3 December 1999. New Reckitt & Colman plc shares will be credited to CREST accounts in time for dealings to commence on 6 December 1999. The full text of an announcement issued by Benckiser follows: PUBLIC OFFER FOR ALL ORDINARY B SHARES OF BENCKISER N.V. OFFER PERIOD CLOSED Amsterdam, 30 November 1999. Benckiser NV (BNV) and Reckitt & Colman plc (RCOL) today announce that the Offer Period has been closed. Offer Period closed In connection with the merger between Reckitt & Colman plc and Benckiser N.V. and with reference to the Offer Document and Listing Particulars dated 11 August 1999 and the advertisement dated 25 November 1999 stating that the Offer has been declared unconditional, Reckitt Benckiser Holdings B.V., a subsidiary of Reckitt & Colman plc, announces that the Offer Period closed at 15.00 hours, Amsterdam time on 30 November 1999, and that the Offer is honoured. Acceptances As at 15.00 hours, Amsterdam time on 30 November 1999, 41,786,556 Benckiser B Shares, representing 96.7% of the outstanding Benckiser B Shares, had been submitted for exchange in accordance with the Offer. Together with the Benckiser A Shares which have been committed, this represents 98.5% of the aggregate nominal amount of Benckiser's outstanding share capital. Exchange The delivery of five new Reckitt & Colman plc shares in consideration for each Benckiser B Share validly submitted before 30 November 1999 in acceptance of the Offer is expected to take place on or about 3 December 1999. Delivery will be made either in certificate form direct to holders of Benckiser B Shares who have accepted the Offer or into the CREST accounts of those institutions admitted by Amsterdam Exchanges N.V. who hold Benckiser B Shares on a custodial basis for those holders of Benckiser B Shares who have accepted the Offer. Dealings in the new Reckitt & Colman plc shares on the London Stock Exchange will commence on 6 December 1999. Change of board structure Mr J.W. Lorsch and Ms I.R. Miller resigned as members of the supervisory board of Benckiser N.V. and Dr M.O. Klein resigned as a member of the managing board of Benckiser N.V. as of 3 December 1999. As of such date the managing board of Benckiser N.V. will consist of Mr L.J.H. Becht and the supervisory board of Benckiser N.V. will consist of Mr A.D.P. Bellamy, Dr G.P. Harf, Mr D.O.L. Meuderscheid and Mr J.C.T. van der Wielen. Post-closing submission Holders of Benckiser B Shares who have not yet submitted their Benckiser B Shares for exchange are requested to do so as soon as possible. Holders of Benckiser B Shares who have deposited their Benckiser B Shares with their bank or stockbroker should instruct their bank or stockbroker to submit their Benckiser B Shares at the offices of Warburg Dillon Read (Nederland) B.V., Herengracht 564, 1017 CH Amsterdam, not later than 15.00 hours, Amsterdam time on 23 December 1999. Holders of registered Benckiser B Shares should as soon as possible hand in to Benckiser N.V. a duly completed and signed acceptance form, which will also serve as a deed of transfer. Subject to the restrictions set forth on page 3 of the Offer Document, holders of registered Benckiser B Shares should have received an acceptance form directly from Benckiser N.V. Submission will take place under the same conditions and in the same manner as set forth in the Offer Document and Listing Particulars dated 11 August 1999. The delivery of five new Reckitt & Colman plc shares in consideration for each Benckiser B Share validly submitted in acceptance of the Offer during the period for post-closing submission is expected to take place on or about 27 December 1999. As before, delivery will be made either in certificate form direct to holders of Benckiser B Shares who have accepted the Offer or into the CREST accounts of those institutions admitted by Amsterdam Exchanges N.V. who hold Benckiser B Shares on a custodial basis for those holders of Benckiser B Shares who have accepted the Offer. Change of name of Benckiser N.V. Upon completion of the merger a notarial deed concerning an amendment of the articles of association of Benckiser N.V. will be executed and under which, inter alia, the name of Benckiser N.V. will be changed to Reckitt Benckiser N.V. De-listing As agreed with Amsterdam Exchanges N.V., the Benckiser B Shares will be de-listed from the stock market of Amsterdam Exchanges N.V., and accordingly the trading in the Benckiser B Shares on the stock market of Amsterdam Exchanges N.V. will be discontinued, at the close of business on 30 December 1999. It is expected that trading in Benckiser B Shares on the New York Stock Exchange will be suspended on the same date as trading will be discontinued on the stock market of Amsterdam Exchanges N.V., and that formal de-listing from the New York Stock Exchange will take place thereafter. Compulsory transfer of outstanding Benckiser B Shares Shortly after completion of the merger, Reckitt Benckiser Holdings B.V. will initiate the statutory procedure contemplated by section 2:92a of the Netherlands Civil Code in order to acquire any remaining Benckiser B Shares. Restrictions The distribution of the Offer and the Offer Document may, in certain jurisdictions, be restricted by law. Persons obtaining the Offer Document are required to inform themselves of and observe all such restrictions. None of Reckitt Benckiser Holdings B.V., Benckiser N.V., Reckitt & Colman plc, or Warburg Dillon Read (Nederland) B.V. accept any liability for any violation by any person of any such restriction. For further information David Saltmarsh Reckitt & Colman + 44 1753 746676 Tom Corran Benckiser + 31 20 405 7555 Bobby Leach Shandwick + 44 171 329 0096 This announcement and related materials relate to the Offer and are not an extension of a tender offer in the United States or to any US person for any class of equity securities in Benckiser. The Offer will not be made, directly or indirectly, in or by use of any means of instrumentality of interstate commerce or of the mails, or of any facility of any national securities exchange of, the United States (including its possessions or territories, any area subject to its jurisdiction and any political subdivision thereof) or to any US person and cannot be accepted by any such use or otherwise from within the United States of by any US person. Any purported acceptance of the offer involving, directly or indirectly, any such means, instrumentality, mails or facility or otherwise from within the United States or by any US person will be deemed invalid. None of the securities offered as consideration will be registered under the United States Securities Act of 1933, as amended (the 'Act'). Accordingly such securities may not be offered sold or delivered in the United States or to US persons, unless an exemption from the registration requirements of the Act is available. This announcement and related materials do not constitute an offer of Reckitt & Colman Shares.
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