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Barratt Developments (BDEV)

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Friday 13 April, 2007

Barratt Developments

Regulatory Approval

Barratt Developments PLC
13 April 2007

For immediate release

Not for release, publication or distribution in or into Australia, Canada or
Japan.

                                 13 April 2007

                  Recommended acquisition of Wilson Bowden plc

                          by Barratt Developments PLC

                Announcement of Office of Fair Trading Decision

The Barratt Board welcomes the decision announced today by the Office of Fair
Trading not to refer the proposed acquisition by Barratt of the entire issued
and to be issued share capital of Wilson Bowden to the Competition Commission,
thereby satisfying the condition to the Acquisition in this respect.

Completion of the Acquisition remains subject to the satisfaction, or if
appropriate, waiver of the remaining conditions to the Acquisition as set out in
the Scheme Document in relation to the Acquisition dated 8 March 2007 sent to
Wilson Bowden Shareholders, including, inter alia, the sanction of the Scheme by
the High Court.

The remaining key dates for the Acquisition are as follows:
First Court Hearing to sanction the Scheme                                                              23 April 2007 1
Last day of dealings in, and for registrations of transfers of, and                                     23 April 2007 1
disablement in CREST, of Wilson Bowden Shares
Second Court Hearing Date to confirm the Capital Reduction                                              25 April 2007 1
Effective Date of the Scheme                                                                            26 April 2007 1
Commencement of dealings in New Barratt Shares on the London Stock                         8.00 a.m. on 26 April 2007 1
Exchange
Latest date for despatch of share certificates in respect of New                                          10 May 2007 1
Barratt Shares and cheques in respect of cash consideration and Loan
Note consideration, and for settlement of cash consideration through
CREST

1              These dates are indicative only and will depend, inter alia, on
the dates upon which the Court sanctions the Scheme and confirms the associated
Capital Reduction and whether the conditions are either satisfied or waived.

Unless stated otherwise, terms defined in the Prospectus dated 8 March 2007 have
the same meaning in this announcement.


Enquiries:
Barratt Developments PLC
Tel: +44 (0) 191 227 2000
Mark Pain
Patrick Law

UBS Investment Bank
(financial adviser and joint-broker to Barratt)
Tel: +44 (0) 20 7567 8000
Liam Beere
John Woolland

Credit Suisse Securities (Europe) Limited
(joint-broker to Barratt in respect of the Acquisition)
Tel: +44 (0) 20 7888 8888
Peter Hyde
John Hannaford

Weber Shandwick
(PR adviser to Barratt)
Tel: +44 (0) 20 7067 0700
Terry Garrett
Chris Lynch
Nick Dibden


UBS is acting as exclusive financial adviser and joint-broker to Barratt, and no
one else in connection with the Acquisition and will not be responsible to
anyone other than Barratt for providing the protections afforded to the clients
of UBS nor for providing advice in relation to the Acquisition or any other
matter referred to herein.

Credit Suisse is acting as joint-broker to Barratt in respect of the
Acquisition, and no one else in connection with the Acquisition and will not be
responsible to anyone other than Barratt for providing the protections afforded
to the clients of Credit Suisse nor for providing advice in relation to the
Acquisition or any other matter referred to herein.

Overseas Jurisdictions

The release, publication or distribution of this announcement in jurisdictions
other than the United Kingdom may be restricted by law and therefore any persons
who are subject to the laws of any jurisdiction other than the United Kingdom
should inform themselves about, and observe, any applicable requirements. This
announcement has been prepared for the purposes of complying with English law,
the City Code and the Listing Rules and the information disclosed may not be the
same as that which would have been disclosed if this announcement had been
prepared in accordance with the laws and regulations of any jurisdiction outside
of England.

This announcement does not constitute an offer to sell or an invitation to
purchase or subscribe for any securities or a solicitation of any vote or
approval in any jurisdiction. This announcement does not constitute a prospectus
or a prospectus equivalent document.  Wilson Bowden Shareholders are advised to
read carefully the Scheme Document and the Prospectus.

In particular, this announcement is not an offer of securities for sale in the
United States and the New Barratt Shares which will be issued in connection with
the Acquisition have not been, and will not be, registered under the Securities
Act or under the securities laws of any state, district or other jurisdiction of
the United States, Australia, Canada or Japan and no regulatory clearance in
respect of the New Barratt Shares has been, or will be, applied for in any
jurisdiction other than the UK.  The New Barratt Shares may not be offered or
sold in the United States absent registration under the Securities Act or an
exemption from registration.  The New Barratt Shares will be issued in reliance
upon the exemption from the registration requirements of the Securities Act
provided by Section 3(a)(10) thereof.  Under applicable US securities laws,
Wilson Bowden Shareholders (whether or not US persons) who are or will be '
affiliates' of Wilson Bowden or Barratt prior to, or of Barratt after, the
Effective Date will be subject to certain timing, manner of sale and volume
restrictions on the sale of the New Barratt Shares received in connection with
the Scheme.

Unless Barratt otherwise determines, relevant clearances and registrations have
not been, nor will they be, sought or obtained, nor have any steps been taken,
nor will any steps be taken, to enable the Loan Notes to be publicly offered in
compliance with applicable securities laws of any jurisdiction.  The Loan Notes
have not been, nor will they be, registered under the Securities Act or under
the securities laws of any state, district or other jurisdiction of the United
States and the Loan Notes are not being offered in, and may not be transferred
into, the United States.  The Loan Notes may not (subject to certain limited
exceptions) be offered, sold, transferred or delivered, directly or indirectly,
in any other jurisdiction (including, without limitation, in Australia, Canada
or Japan) where to do so would violate the laws of that jurisdiction or would
require registration thereof in such jurisdiction.

Notice to US Investors in Wilson Bowden: the Acquisition relates to the shares
of a UK company and is to be made by means of a scheme of arrangement provided
for under the laws of England and Wales.  The Acquisition is subject to the
disclosure requirements and practices applicable in the United Kingdom to
schemes of arrangement, which differ from the disclosure and other requirements
of US securities laws.  Financial information included in the Scheme Document
and Prospectus has been prepared in accordance with accounting standards
applicable in the United Kingdom that may not be comparable to the financial
statements of US companies.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,
'interested' (directly or indirectly) in one per cent. or more of any class of '
relevant securities' of Barratt or Wilson Bowden, all 'dealings' in any '
relevant securities' of that company (including by means of an option in respect
of, or a derivative referenced to, any such 'relevant securities') must be
publicly disclosed by no later than 3.30 p.m. on the London business day
following the date of the relevant transaction. This requirement will continue
until the Scheme becomes Effective, lapses or is otherwise withdrawn or on which
the 'offer period' otherwise ends (or, if Barratt elects to effect the
Acquisition by way of the Offer, until the date on which the Offer becomes, or
is declared, unconditional as to acceptances, lapses or is otherwise withdrawn
or on which the 'offer period' otherwise ends). If two or more persons act
together pursuant to an agreement or understanding, whether formal or informal,
to acquire an 'interest' in 'relevant securities' of Barratt or Wilson Bowden,
they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant
securities' of Barratt or Wilson Bowden by Barratt or Wilson Bowden, or by any
of their respective 'associates', must be disclosed by no later than 12.00 noon
on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the City Code, which can also be found
on the Panel's website. If you are in any doubt as to whether or not you are
required to disclose a 'dealing' under Rule 8, you should consult the Panel.


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                   

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