Grantchester: independent directors recommend cash offer by Hammerson plc

Following the announcement on 9 September 2002 of a cash offer for Grantchester to be made by Dresdner Kleinwort Wasserstein on behalf of Hammerson, the Independent Directors of Grantchester and their advisers have had further discussions with those parties who expressed a continued interest in acquiring Grantchester. From these discussions, it has now become apparent that an offer at above the price of 250p per Grantchester share proposed by Hammerson is unlikely to be forthcoming from any of these parties.

Accordingly the Independent Directors, who are being advised by Credit Suisse First Boston (Europe) Limited, have told Hammerson that they will now recommend that Shareholders accept the cash offer to be made on behalf of Hammerson.

Edward Luker, Senior Independent Director said,
“Since the initial approach by management earlier this year, we have endeavoured to maximise value for shareholders. We were pleased to establish a base price of 218p last month which we said at the time was in the best interests of shareholders in the absence of a higher offer. We have ensured since then that higher offers could be considered, and we are now pleased to recommend that Shareholders accept the offer announced by Hammerson.”

(source: Grantchester Holdings PLC)

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