ADUK chases Lehman

"Our new offer gives all PLW shareholders the opportunity to realise full value for all their shares."

AN INCREASINGLY ACQUISITIVE environment sees Allied Domecq PLC increase its base offer price for Peter Lehmann Wines (PLW) to A$4 per share.  The offer remains conditional on, among other things, Allied Domecq acquiring relevant interests in at least 51% of PLW’s issued share capital.

However, subject to satisfaction of those conditions, shareholders will receive $4 per PLW share, regardless of whether the bidder acquires 90% or more of the PLW Shares and, therefore, regardless of whether Mr Peter Lehmann accepts the offer (or sells to another person who accepts).

In addition, PLW shareholders will be entitled to retain the fully franked final PLW dividend of 5.5 cents per share if they were the registered holder of PLW shares on the record date of  September 23, 2003.

Allied Domecq had also announced that it had received Foreign Investment Review Board clearance for its offer.  "Allied Domecq’s new offer represents a clear statement of our belief in the quality of the Peter Lehmann wines, and our determination to grow PLW’s brand presence both in the Australian market and internationally," said Allied Domecq chief executive Philip Bowman.

"We remain committed to maintaining the principles of quality and local autonomy and identity which have built the Peter Lehmann Wines brands into the successes that they are today.

Our new offer gives all PLW shareholders the opportunity to realise full value for all their shares.  We are convinced that it is far more desirable for PLW shareholders to achieve an attractive price for all of their shares – a price that recognises and values the successes of the company – than to accept partially the Hess offer and be locked in as minority holders in a company controlled by a privately-owned group."