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HANSON'S OFFER FOR BEAZER DECLARED UNCONDITIONAL IN ALL RESPECTS

     HANSON'S OFFER FOR BEAZER DECLARED UNCONDITIONAL IN ALL RESPECTS
    LONDON, Dec. 4 /PRNewswire/ -- Hanson PLC (NYSE: HAN) today announced that the offers by its wholly owned subsidiary, HB Acquisitions PLC ("HB"), for the issued ordinary and preference share capital of Beazer PLC have become unconditional in all respects.  In commenting on the success of the offers Lord Hanson said, "I am very pleased to welcome the Beazer businesses to Hanson and look forward to their profitable future development."
    The offers will remain open for acceptance until further notice. All rights of withdrawal in respect of acceptances of the Beazer ordinary shares are now terminated.
    By 4:30 p.m. (London time), 11:30 a.m. (New York City time) on Dec. 3, 1991, HB had received valid acceptances for its offer for all the ordinary share capital of Beazer in respect of a total of 240,322,567 ordinary shares (including ordinary shares evidenced by American Depositary Shares), representing 84.46 percent of the issued ordinary share capital.  By the same time HB had received valid acceptances of the offer for all the issued preference share capital of Beazer in respect of a total of 48,373,006 preference shares, representing 96.74 per cent of the issued preference share capital.
    The acceptances above for the ordinary and preference offers include 4,000 ordinary shares (representing 0.001 percent of the issued ordinary share capital) held by A. G. L. Alexander, a director of Hanson and 500,000 Beazer preference shares held by Hanson group pension funds (representing an aggregate 1 percent of the issued preference share capital).  Since the announcement of the offers Hanson has purchased for cash 3,850,000 Beazer preference shares (representing 7.7 percent of the issued preference capital), all of which shares have been assented to the preference offer.  Apart from those holdings and acceptances under the offers, neither Hanson nor HB nor any persons acting in concert with them had any interest immediately prior to the commencement of the offer period or own or have any interest in Beazer's issued share capital.
    A further announcement will be made at 8:30 a.m. (London time) on Thursday, Dec. 5, 1991 giving details of the adjustment to the number of warrants to be issued as consideration under the ordinary offer in accordance with the Warrant Adjustment Formula.
    Dealings in the warrants are expected to commence tomorrow on the London Stock Exchange at 8:30 a.m. (London time) and at the opening of business (New York City time) on the American Stock Exchange.
    The cash consideration and certificates for the warrants and any loan note entitlements will be posted to Beazer ordinary shareholders who have validly accepted the ordinary offer by today, by not later than Dec. 24, 1991.  The cash consideration in respect of the preference offer and certificates for any loan note entitlements will be posted on the same day to preference shareholders who have validly accepted the preference offer by today.
    This announcement has been approved by N M Rothchild & Sons Limited, a member of the SFA, for the purpose of Section 57 of the Financial Services Act 1986.
    -0-          12/4/91
    /CONTACT:  Robert M. Brier of Hanson Industries, 212-826-0098/
    (HAN) CO:  Hanson PLC; Beazer PLC ST: IN: SU:  TNM SH -- NY011 -- 9030 12/04/91 08:53 EST
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Publication:PR Newswire
Date:Dec 4, 1991
Words:559
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