BRISTOL, UK, Oct. 13, 2003 (PRIMEZONE) -- Allied Domecq PLC (Allied Domecq) (NYSE:AED) (Other OTC:ALDQF) today announced that it proposed to accept the revised offer by Hess Group Australia Pty Ltd (Hess) for Peter Lehmann Wines Limited (PLW).
On 9 October 2003, Hess announced that it proposed to match the Allied Domecq offer by increasing its unconditional offer for PLW to $4.00 per share. The Independent Directors of PLW subsequently announced that they intend to recommend that shareholders accept the Hess offer for all of their shares, subject to no better offer emerging.
Commenting on developments, Allied Domecq Chief Executive Philip Bowman said:
"While we remain firm believers in the potential of PLW under the control of Allied Domecq, we have an obligation to generate value for our own shareholders. Despite the significant cost and revenue synergies that we believe would accrue to PLW as part of the Allied Domecq group, we do not believe that it would be in the interests of our shareholders to increase our offer further."
"Accordingly, we have informed the board of PLW that we propose to accept the Hess offer for our entire stake. In order to minimise ongoing uncertainty for PLW, we would encourage other shareholders to do the same."
"PLW produce some exceptional wines; I wish the company and its employees every success going forward."
Allied Domecq will also apply to the Australian Securities and Investments Commission for consent to withdraw its offer.
Further information
Summary information on Allied Domecq can be obtained from its website,www.allieddomecq.com. Original high-resolution photographs areavailable to the media free of charge atwww.newscast.co.uk +44 207 608 1000.
PLW Shareholder Inquiries
Inquiries from Peter Lehmann Wines Limited shareholders will not betaken on the above numbers. All such inquiries should be directed tothe Peter Lehmann Wines Offer Information Line on (Australia)1300 766 699 or (outside Australia) +61 2 9240 7458.For legal reasons calls to these numbers will be recorded.
This information is provided by RNS. The company news service from the London Stock Exchange