Further to the announcement on 15 February 2002 Haslemere NV (?Haslemere? or the ?Company?) was in bid discussion, Haslemere and B.C.R.E. (Brack Capital Real Estate) BV (?Brack Capital?), a company incorporated in The Netherlands, announce that Brack Capital intends to make an offer in cash for all the issued and outstanding shares in the capital of Haslemere. Haslemere and Brack Capital believe that the expectation is justified that agreement can be reached between Haslemere and Brack Capital on the terms and conditions of the intended offer.
Brack Capital is a holding company formed by a consortium led by Brack Capital Real Estate Limited and its affiliated companies (?BCRE?). Apollo International Real Estate Investment Fund L.P., an investment fund managed by affiliates of Apollo Real Estate Advisors, L.P. (?Apollo?), and Merrill Lynch Capital Corporation, an affiliate of Merrill Lynch & Co., Inc. (?Merrill Lynch?), are investors in the consortium and Merrill Lynch Capital Corporation is also providing financing to Brack Capital.
The Supervisory Board and the Management Board of Haslemere support the intended offer and will recommend it for acceptance to the shareholders of Haslemere. In connection with the intended offer, the Supervisory and Management Boards have received a fairness opinion from UBS Warburg Ltd. (?UBS Warburg?) and Credit Suisse First Boston (Europe) Limited (?CSFB?), who are acting as joint financial advisers to Haslemere.
For further details please visit www.haslemerenv.com