RNS Number:6883R
Laragrove Limited
05 November 2003

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
CANADA, AUSTRALIA OR JAPAN


5 November 2003

Laragrove Limited ("Laragrove")

Cash Offer for Debenhams plc (the "Offer")

Offer Lapsed


The board of Laragrove announced on 23 October 2003 that it would not be
increasing its offer for Debenhams plc or participating in the bidding process
which had been scheduled to commence on 31 October 2003.  Accordingly, the board
of Laragrove confirms that with the time period for the extension of the offer
having expired at 3.00pm on 4 November 2003, the offer has now lapsed.

By 3.00 p.m. (London time) on 4 November 2003, the sixth closing date of the
Offer, valid acceptances of the Offer had been received, and not withdrawn, in
respect of a total of 7,905,959 Debenhams Shares, representing approximately
2.15 per cent. of the existing issued share capital of Debenhams, and valid
acceptances in respect of 121,306 Debenhams shares representing 0.03 per cent.
of the issued share capital of Debenhams received from persons acting in concert
with Laragrove, have been withdrawn.

On 9 May 2003, being the last Business Day prior to the commencement of the
Offer Period, persons presumed on that date to be acting in concert with
Laragrove held 4,076,930 Debenhams Shares or rights over Debenhams Shares,
including the maximum number of Debenhams Shares under options or awards over,
or referenced to, Debenhams Shares granted under the Debenhams Share Schemes to
members of the Management Team as more fully described in the Offer Document.

On 28 July, being the last Business Day prior to the date on which Goldman Sachs
International and its affiliates ("Goldman Sachs") were presumed to be acting in
concert with Laragrove, Goldman Sachs held 3,884,020 Debenhams Shares.

Between 29 July and 3 November (inclusive), being the latest practicable date
prior to the date of this announcement, in its capacity as a person acting in
concert with Laragrove, Goldman Sachs acquired 66,830 Debenhams Shares and sold
1,579,050 Debenhams Shares pursuant to arrangements which have been approved by
the Panel.

Save as disclosed in this announcement or in the Offer document dated 4 August
2003 (the "Offer Document"), neither Laragrove nor any person presumed to be
acting in concert with Laragrove for the purpose of the Offer owned or
controlled any Debenhams Shares (or rights over Debenhams Shares) immediately
prior to the commencement of the Offer Period, or has acquired or agreed to
acquire any Debenhams Shares (or rights over Debenhams Shares) since the
commencement of the Offer Period.

The words and expressions defined in the Offer Document shall have the same
meaning in this announcement unless the context otherwise requires.

Enquiries
UBS Investment Bank  +44 (0) 20 7567 8000
Paul Morris
Mihiri Jayaweera
Finsbury Group +44 (0) 20 7251 3801
Edward Orlebar
Melanie Gerlis

UBS is acting for the Laragrove Group, Permira Advisers Limited, Blackstone and
Goldman Sachs Capital Partners in connection with the Offer and no-one else and
will not be responsible to anyone other than the Laragrove Group, Permira
Advisers Limited, Blackstone and Goldman Sachs Capital Partners for providing
the protections afforded to clients of UBS or for providing advice in relation
to the Offer.


                      This information is provided by RNS
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