RNS Number:2246R
Laragrove Limited
23 October 2003

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Canada, Australia or Japan



23 October 2003

Laragrove Limited ("Laragrove")

Offer update



Laragrove notes the new bid from Baroness and confirms that it will not be
increasing its offer or participating in the bidding process scheduled to
commence on 31 October 2003. The price offered by Baroness is in excess of the
price which Laragrove was prepared to offer. It is therefore expected that the
Laragrove offer will lapse on 4 November 2003.

Laragrove made an offer of 425p on 29 July 2003 which was recommended by the
independent directors of Debenhams. Under the revised offer from Baroness, the
shareholders of Debenhams will now receive an extra #165 million.

Laragrove believes that Debenhams has a superb management team and wishes them
well in their future.

Words and expressions defined in the Offer document dated 4 August 2003 
(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
Mihiri Jayaweera
David Marshall


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
            The company news service from the London Stock Exchange
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