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Debenhams PLC & Baroness Retail Ltd	Update Date: 01/23/09
Date Announced: 09/12/03
Value (million $USD): 2.91 billion U.S. Dollar 1.72 billion British Pound

Status: Completed

TRANSACTION DETAILS
Date Announced	09/12/03
Date Originally Announced	05/12/03
Format	Merger	Acquisition techniques	Acquiror is an Investor G; Going Private; Leveraged Buyout; Financial Acquiror; Institutional Buyout
Attitude	Friendly	Agency	n/a
Value	2.91 billion U.S. Dollar 1.72 billion British Pound	Advisor Fees	n/a

SYNOPSIS

UK - Baroness Retail Ltd (BR), a newco formed for the purpose of making an offer by CVC Capital Partners, Texas Pacific Group and Merrill Lynch Global Private Equity, acquired the entire issued share capital of Debenhams PLC (DP), an owner and operator of retail department stores, via a recommended tender offer for a sweetened 4.7 pounds ($7.964) in cash per share, or a total value of 1.719 bil pounds ($2.913 bil), in a leveraged buyout transaction. Originally, BR offered 4.55 pounds ($7.29) in cash per share, or a total value of 1.664 bil pounds ($2.666 bil). Previously, Laragrove, a management-led newco,withdrew its plan to acquire DP.

TARGET
Name	Debenhams PLC (London : DEB)
Industries	n/a
City	London
State	n/a
Nation	United Kingdom
Incorporated in	n/a
Public Status	Public
Business Description	Own and operate department stores
Advisors	Greenhill & Co, LLC; Cazenove & Co; Credit Suisse First Boston Ltd International
Target Sales	2.62 billion U.S. Dollar 1.69 billion British Pound

ACQUIROR
Name	Baroness Retail Ltd
Industries	Offices of holding companies, nec
City	n/a
State	n/a
Nation	United Kingdom
Incorporated in	n/a
Public Status	Private
Business Description	Investment holding company
Advisors	Morgan Stanley; Merrill Lynch & Co Inc
Acquiror Sales	n/a

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