More bidders for Bendon

By Phil Boeyen, ShareChat Business News Editor

Monday 14th January 2002

Bendon (NZSE: BEN) boss Hugo Venter is facing some competition in his bid for a management buyout of the intimate apparel company.

A consortium headed by Mr Venter announced last November it wanted to buy the business and at the end of December AMP Henderson Global Investors confirmed it was a partner in the bid.

The Bendon Group board says the Venter/AMP consortium is currently undertaking due diligence but has revealed that it has also had approaches from several other parties interested in the business.

"As a result of discussions between those parties and PricewaterhouseCoopers, acting as advisor to BGL's directors, the board has now received an indicative non-binding offer for Bendon Limited which is subject to due diligence," the board says.

"Given that this indicative offer is at price levels similar to the Venter/AMP price, the board intends to allow this party to undertake due diligence."

The board says in light of the new offer, and the interest from other parties, it has established a process to enable interested parties to submit binding offers for the purchase of Bendon on or before the beginning of February.

"In the circumstances, the board expects to be able to announce in early February its recommended proposal for BGL shareholders to consider and vote on.

"Grant Samuel and Associates has already been engaged to prepare an independent appraisal report on the Venter/AMP proposal and the board expects to receive Grant Samuel's advice at the end of January."

The BGL board says it anticipates that a shareholder meeting will be held in mid to late March to vote on any sale proposal.

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