Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Tuesday 01 July, 2003

ING Bank N.V. London

Statement re Proposed offer

ING Bank N.V. London Branch
01 July 2003


FOR IMMEDIATE RELEASE

1 July 2003

Hamleys plc ('Hamleys')

Statement re Proposed offer by Children's Stores Holdings Limited ('Children's
Stores') for Hamleys

On 27 June 2003 the Board of Children's Stores announced the terms of a cash
offer of 230 pence per Hamleys share, to be made by ING Investment Banking on
behalf of Children's Stores, for the entire issued and to be issued ordinary
share capital of Hamleys (the 'Offer').

At the request of the Panel on Takeovers and Mergers, Children's Stores
announces that it has today released certain of Hamleys' institutional
shareholders from the irrevocable undertakings that they had given to accept the
Offer in respect of, in aggregate, 1,816,024 Hamleys shares, representing
approximately 7.9 per cent. of the existing issued share capital of Hamleys.

As a consequence of such release, Children's Stores owned, in aggregate,
3,130,955 Hamleys shares, representing approximately 13.6 per cent. of the
existing issued share capital of Hamleys.

Subsequently, Children's Stores has purchased a further 382,593 Hamleys shares
representing approximately 1.7 per cent. of the existing issued share capital of
Hamleys and received irrevocable undertakings to accept the Offer from certain
of Hamleys' institutional shareholders in respect of, in aggregate, 1,433,431
Hamleys shares, representing approximately 6.2 per cent. of the existing issued
share capital of Hamleys.  These irrevocable undertakings will cease to be
binding in the event that a competing offer is made which exceeds 253 pence in
cash per Hamleys share.

As a consequence of the matters referred to above, as at the date of this
announcement, Children's Stores has purchased, in aggregate, 3,513,548 Hamleys
shares representing approximately 15.2 per cent. of the existing issued share
capital of Hamleys and received irrevocable undertakings to accept the Offer in
respect of, in aggregate, 1,433,431 Hamleys shares, representing approximately
6.2 per cent. of the existing issued share capital of Hamleys.

Therefore, as at the date of this announcement, Children's Stores has either
purchased Hamleys shares or received irrevocable undertakings to accept the
Offer in respect of, in aggregate, 4,946,979 Hamleys shares, representing
approximately 21.4 per cent. of the existing issued share capital of Hamleys.

Subject to The City Code on Takeovers and Mergers, Children's Stores is not
under any restrictions as regards entering into further irrevocable undertakings
to accept the Offer or making further acquisitions of Hamleys shares.


Enquiries:

Bell Pottinger Financial                                    Tel: 020 7861 3232
(PR adviser to Children's Stores)
Jonathon Brill
John Coles

ING Investment Banking                                      Tel: 020 7767 1000
(Financial adviser and broker to Children's Stores)
Fraser Marcus
Simon Newton

ING Investment Banking, which is authorised in the United Kingdom by the
Financial Services Authority for investment business activities, is acting
exclusively for Children's Stores as financial adviser in relation to the Offer
and is not acting for any other person in relation to such offer.  ING
Investment Banking will not be responsible to anyone other than Children's
Stores for providing the protections afforded to its clients or for providing
advice in relation to the contents of this announcement or any transaction or
arrangement referred to herein.


                      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