RNS Number:2565M
Freeport PLC
12 June 2003

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA OR JAPAN


For immediate release     12 June 2003




                           Freeport plc ("Freeport")


The board of Freeport (the "Board") notes the announcement today by Roberts,
Howell and Wright (the "Management Buy In Team").


The Board confirms that a conditional proposal containing a price range of 350
pence to 380 pence per share (the "Proposal") was received on 30 May 2003. The
Board, in consultation with its financial advisors, HSBC, gave full
consideration to the Proposal and unanimously rejected it as being opportunistic
and wholly inadequate. Having consulted with Freeport's principal shareholders
it is clear that the Proposal was not supported by the vast majority of such
shareholders.


Freeport's overseas developments in progress at Excalibur and Lisbon are to be
valued externally. This exercise will involve CB Richard Ellis and Colliers
Conrad Ritblat Erdman and the results will be detailed in the company's
preliminary results announcement due for release in September 2003.


The Board is committed to maximising the value obtained from each outlet village
through selling such assets as they mature. Proceeds from any disposals raised
in excess of Freeport's development needs will be returned to shareholders.




Sean Collidge, Chairman of Freeport, said:


"The proposal was wholly inadequate and fundamentally undervalued the assets of
Freeport. In addition, the proposal ignored the upside potential in Freeport's
development assets and was opportunistically timed to deprive Freeport
shareholders of the benefit of the surpluses from Freeport's European
developments.


The Board had no hesitation in unanimously rejecting the proposal, and looks
forward over the next 12 months to successfully completing Freeport's
developments and realising value from our mature assets, for the benefit of all
our shareholders."


Enquiries:

Freeport                                                 020 7299 9360
Sean Collidge

HSBC                                                     020 7991 8888
Neil Goldie-Scot

Heraclis Economides


The Board accepts responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the Board (who have
taken all reasonable care to ensure that such is the case), the information
contained in this announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.


This announcement has been issued by HSBC Bank plc, which is regulated in the
United Kingdom by The Financial Services Authority, and which is acting for
Freeport and no one else in relation to the matters described in this
announcement and will not be responsible to anyone other than Freeport for
providing the protections afforded to customers of HSBC Bank plc or for
providing advice on matters described in this announcement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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