TIDMLBE TIDMMWB 
 
RNS Number : 0015M 
Liberty PLC 
17 May 2010 
 

 
FOR IMMEDIATE RELEASE 
17 May 2010 
 
                                  LIBERTY PLC 
                          ("LIBERTY" OR "THE COMPANY") 
                          STATEMENT RE: PRESS COMMENT 
 
The Board of Liberty, the iconic British brand and Regent street emporium, notes 
the weekend press comment that states a potential bidder for the Company was 
"frozen out" of the bidding process and was prevented from making a higher 
offer. 
 
Liberty and its advisors reiterate that Pyrrho Investments Ltd ("Pyrrho") had 
ample opportunity to increase its proposed 185p a share offer for the Company 
but refused to do so on an unconditional basis. At the same time Liberty 
received a proposed 186p per share offer from BlueGem (the "BlueGem Proposed 
Offer") that was unconditional and had received hard irrevocables to vote in 
favour of the BlueGem Proposed Offer from shareholders owning 86.3% of Liberty's 
Ordinary shares. 
 
Pyrrho claimed that it would have made a higher offer for the Company on or 
before 7 May 2010, but when offered the opportunity to make a higher bid it 
declined to do so. Yet comments attributed to Pyrrho in the weekend's press 
claimed it had informed the Liberty Board before 7 May 2010 that it was prepared 
to make a higher bid than 186p a share. 
 
Neither the Liberty Board nor the Company's shareholders received an increased 
offer from Pyrrho before 7 May 2010. 
 
 
Pyrrho's argument that the Liberty Board's acceptance of BlueGem's unconditional 
186p a share offer is materially to the detriment of Liberty shareholders is 
totally without foundation. Liberty's shareholders have the benefit of a 
proposed offer of 186p a share that is supported by four months of due diligence 
and financial backing. 
 
In contrast Pyrrho, which as a 21% shareholder in MWB Group Holdings Plc, the 
majority shareholder in Liberty, has been aware of the possibility that Liberty 
could be sold since the end of July 2009. Yet its earliest indication of 
interest was 4 May 2010 when Pyrrho said it was considering a bid for Liberty of 
between 190-200p a share. But two days later it proposed a lower offer of only 
185p a share and Liberty was informed by Pyrrho's advisors that it was not 
prepared to increase the offer on an unconditional basis over 185p. 
 
The Board of Liberty made an informed choice based on the submitted proposals it 
had received on 6 May 2010. This was the correct way to proceed and the Board 
acted properly and in the best interests of the Liberty shareholders. 
 
                                      Ends. 
 
For further information, please contact: 
 
Liberty Plc 
Richard Balfour-Lynn, Chairman                                               +44 
(0) 20 7706 2121 
 
Baron Phillips Associates (Financial PR Adviser) 
Baron Phillips 
        +44 (0) 20 7920 3161 
 
Seymour Pierce Limited 
Nicola Marrin 
       +44 (0) 207 107 8000 
Jonathan Wright 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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