Takeover price Laurus ajusted downward

As reported in the press release issued jointly by Laurus and Casino on 15 April 2002, the due diligence investigation by Casino and the banks (ABN AMRO Bank, ING Bank and Rabobank) was completed on 25 April 2002.

The results of the investigation led to further discussions between Laurus, Casino and the Banks as the original valuation of the company, on which the agreement in principle was based, needed correction downwards, as a result of risks identified during the due diligence, amongst which lower than expected proceeds from restructuring and additional capital expenditures to be realized for inter alia upgrading of ICT-systems.

It is now agreed that this lower value of the company will be adjusted partially by reducing the issue price with € 0.10 per share, resulting in an issue price of € 0.90 instead of € 1.00 per share.

All parties are still aiming to have the agreements finalized and signed by 15 May 2002 or shortly thereafter.

For more details please visit www.laurus.nl.

(source: Laurus)

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