Information  X 
Enter a valid email address

Hamleys PLC (HVTB)

  Print      Mail a friend

Thursday 17 July, 2003

Hamleys PLC

Offer Update

Hamleys PLC
17 July 2003

17 June 2003

Hamleys PLC ('Hamleys')

Not for release, publication or distribution in or into the United States of
America, Canada, Australia or Japan.

Recommendation of Offer for Hamleys

On 30 June 2003, the independent directors of Hamleys ('the Independent
Directors') made an announcement advising Hamleys shareholders to take no action
in respect of either the offer made by Soldier Limited or the offer announced by
Children's Stores Holdings Limited. The Independent Directors also advised
Hamleys shareholders that they would recommend a course of action in due course.

On Thursday 3 July 2003, Soldier Limited announced a revised increased offer for
Hamleys at 254p per share (the 'Soldier Revised Increased Offer'). Soldier
Limited did not seek a recommendation from the Independent Directors before
announcing this offer and no documentation in relation to the Soldier Revised
Increased Offer has yet been sent to Hamleys Shareholders. Earlier today,
Children's Stores Holdings Limited announced that it has decided not to pursue
its interest in Hamleys and that it has conditionally agreed to sell its shares
in Hamleys to Soldier Limited.

As a result of Children's Stores Holdings Limited announcement, the Independent
Directors have resolved unanimously to recommend, in the Soldier Revised
Increased Offer document, that Hamleys Shareholders accept the Soldier Revised
Increased Offer. The Independent Directors, who have been so advised by Close
Brothers Corporate Finance Limited ('Close Brothers'), consider the terms of the
Soldier Revised Increased Offer to be fair and reasonable. In providing advice
to the Independent Directors, Close Brothers has taken into account the
commercial assessments of the Independent Directors.

The Soldier Revised Increased Offer document, together with a letter from the
Independent Directors recommending it and advising Hamleys Shareholders of the
action that they should take, will be posted to Hamleys Shareholders later

Jim Hodkinson, Chairman of the committee of Independent Directors, said:

'After a truly competitive process, we are now delighted to recommend the
increased offer of 254p from Soldier Limited. This offer represents over a 100%
premium to the share price before the announcement of bid talks on 17 March
2003. Hamleys' shares last traded at this level in June 1998.'


Brunswick                                             Tel: 020 7404 5959
Rebecca Blackwood
Melissa McVeigh
Carolyn Esser

Close Brothers Corporate Finance Limited              Tel: 020 7655 3100
Richard Grainger
John Nener

The Independent Directors accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Independent
Directors (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

Close Brothers Corporate Finance Limited which is authorised in the United
Kingdom by The Financial Services Authority for investment business activity, is
acting exclusively for Hamleys and no one else in connection with this matter
and will not be responsible to anyone other than Hamleys for providing the
protections afforded to customers of Close Brothers Corporate Finance Limited
nor for providing advice in relation to this matter.

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

a d v e r t i s e m e n t