CPR.L Regulatory News (CPR)

9 Oct 2007 07:01

Carpetright PLC09 October 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION Carpetright plc ("Carpetright" or the "Company") Statement regarding Possible Offer On 15 June 2007 the Board of Carpetright confirmed that it had authorised arequest from Lord Harris, Chairman and Chief Executive of Carpetright, toexplore the possibility of his making an offer for the Company. The Independent Committee of the Board of Carpetright (the "IndependentCommittee") has now received a revised non-binding proposal from a consortiumheaded by Lord Harris and other members of the senior management team. Thisproposal is for a cash offer for the Company at 1250 pence per share with anunlisted share alternative and is subject, inter alia, to due diligence and aunanimous recommendation from the Independent Committee(1). Under the proposal, Lord Harris and members of the senior management team wouldcommit to accept the share alternative in respect of, in aggregate, 17,464,676(2) shares in Carpetright, representing approximately 25.7% of the total sharesin issue. Certain trusts related to Lord Harris have indicated that they are supportive ofthe proposal and intend to accept the unlisted share alternative in respect of,in aggregate, 4,009,500(3) shares in Carpetright, representing approximately5.9% of the total shares in issue. In addition, Crescent Holding GmbH has indicated that it is supportive of theproposal and intends to accept cash consideration in respect of its 10,099,000shares in Carpetright, representing approximately 14.9% of the total shares inissue. The Independent Committee has agreed to grant the potential offeror access tothe Company to perform due diligence. This announcement is being made with the agreement of the potential offeror. Afurther announcement will be made as and when appropriate. This announcement does not amount to a firm intention to make an offer and,accordingly, there can be no certainty that any offer will be made even if thepre-conditions are satisfied or waived. The Company has today separately published an update on current trading. Enquiries: Deutsche Bank, financial adviser to the Independent Committee 020 7545 8000Anthony ParsonsPhil CowdyOmar Faruqui Citigate Dewe Rogerson, PR adviser to the Independent Committee 020 7638 9571Kevin SmithFiona Mulcahy Deloitte Corporate Finance, financial adviser to the offeror 020 7936 3000Jonathan HintonCahal DowdsMark Pacitti (1) The consortium reserves the right to waive, in whole or in part, thepre-conditions at its discretion. (2) Shareholdings of the senior management team Number % of total of shares shares in issueLord Harris 15,880,898 23.4%Martin Harris 875,954 1.3%Ian Kenyon 2,653