PRG Proceeds With Offer for Bendon Group

Auckland, 12 February 2002 – Pacific Retail Group (NZSE:PRG) today confirmed that its subsidiary, Pacific Retail Apparel, is proceeding with its full offer for 100% of the shares in Bendon Group Limited (NZSE:BEN) at $1.90 per share. The full offer document and accompanying documentation relating to the offer will be dispatched to shareholders today.

Peter Halkett, CEO of Pacific Retail Group said that, “After giving notice of our intention to bid we have carried out due diligence on Bendon Group Limited. This, together with advice from our advisors, J B Were, has confirmed our view that $1.90 per share is a fair and reasonable price.”

“Our offer is fair, uncomplicated and in the form preferred by the Bendon Directors,” says Halkett. “We are confident that this presents an attractive proposition for Bendon shareholders.”

ENDS

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