MRN Morson Grp

RNS Number:4131W
Bear Stearns Intl. Trading Ltd
11 March 2004

                                  Date of Disclosure     11 MARCH 2004

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing      10 MARCH 2004

Dealing in           MERANT PLC                (name of company)

1)  Class of securities (eg ordinary shares)   ORDINARY SHARES

2)  Amount bought      Amount sold      Price per unit

      35,000                              USD 3.4422

     478,866                              USD 3.4627

IN ADDITION, BEAR STEARNS INTERNATIONAL TRADING LIMITED HAVE UNDERTAKEN CERTAIN
CFD AND SWAP TRANSACTIONS (SEE BELOW)

3)  Resultant total of the same class owned or controlled 
    (and percentage of class)      1,745,828   (1.66%)


4) Party making disclosure         BEAR STEARNS INTERNATIONAL TRADING LIMITED


5)  EITHER (a) Name of purchaser/vendor (Note 1)  BEAR STEARNS INTERNATIONAL 
                                                  TRADING LIMITED  
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation

6)  Reason for disclosure (Note 2)                        
    (a) associate of (i) offeror (Note 3)                       NO
                    (ii) offeree company                        NO

Specify which category or categories of associate (1-8 overleaf) 

If category (8), explain

   (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)  YES

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)         JAMES STEP

Telephone and extension number         020 7516 5310


Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
 or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularlywhen disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

Note 7.  The resultant total percentage holding of the class of relevant
         security is to be calculated by reference to the percentage held and 
         in issue outside treasury.

For full details of disclosure requirements, see Rule 8of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Monitoring Section, Tel. No:
020 7638 0129. Email: monitoring@disclosure.org.uk

Bear Steams International Trading Limited is the beneficial owner of 1,745,828 
Merant Plc ordinary shares. 1,745,828 of these shares are held to hedge Contract 
for Differences ("CFD") or Equity Swap positions for clients.

A long CFD is a product where the client to whom the product is sold is taking a 
long economic interest in the underlying share price such that the client can 
realize a gain if the price of the underlying securities rises above the 
reference price.       

An Equity Swap is a product where an agreement between two counterparties sees 
one party receive the return on an asset from the other party and makes a 
payment to the other party based on a fixed or floating rate of interest. The 
return can be either the price return or the total return (I.E. Including 
dividends).

The control of voting rights in relation to the underlying shares used to hedge 
the stock are wholly owned by Bear Stearns International Trading Limited.

The CFD contracts are open-ended and there is no rollover into new contracts.

Contracts for Difference
/Equity Swaps Merant plc                        Date of Disclosure 11 March 2004

 
Product         Type          Date       Maturity    BSIT Buy        Underlying number     Reference Price     CCY
name                         Executed       Date        /Sell        of shares

MERANT PLC      LONG EQUITY
                SWAP          04-MAR-04   01-MAR-05     BUY            1,610,700               3.4548          USD

MERANT PLC      LONG EQUITY
                SWAP          04-MAR-04   01-MAR-05     BUY               23,420               3.4009          USD

MERANT PLC      LONG EQUITY
                SWAP          04-MAR-04   01-MAR-05     BUY              196,000               3.4618          USD

MERANT PLC      LONG EQUITY
               SWAP          05-MAR-04   01-MAR-05     BUY              245,000               3.5127          USD

MERANT PLC      LONG EQUITY
                SWAP          08-MAR-04   01-MAR-05     BUY               44,150               3.5523          USD

MERANT PLC      SHORT EQUITY  09-MAR-04   01-MAR-05     SELL          -1,000,000               1.92            GBP
                SWAP

MERANT PLC      LONG EQUITY     
                SWAP          09-MAR-04   01-MAR-05     BUY               24,404  3.5321          USD

MERANT PLC      LONG EQUITY
                SWAP          09-MAR-04   01-MAR-05     BUY               88,288               3.5137          USD

MERANT PLC      LONG EQUITY
                SWAP          10-MAR-04  01-MAR-05     BUY               35,000               3.4422          USD

MERANT PLC      LONG EQUITY
                SWAP          10-MAR-04   01-MAR-05     BUY              478,866               3.4627          USD

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

END
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