Offer Talks Terminated

RNS Number:0350L
Woolworths Group PLC
14 April 2005



                         WOOLWORTHS GROUP PLC


The Board of Woolworths Group plc ("Woolworths") notes the decision by Apax
Partners Worldwide LLP ("Apax") not to proceed with an offer to acquire
Woolworths for 58.2 pence per share.

On 23rd March 2005, with its preliminary results the Group confirmed the
year-end cash position of #108.7 million.  Since the results, cash from the
disposal of big W sites is in line with guidance and, following receipt of a
number of credible expressions of interest, the Board believes a potential cash
upside may flow from the disposal of MVC.  The Board is satisfied that there is
no further information which needs to be disclosed with regards to the Group's
cash position.

Current trading on the high street remains challenging.  Like-for-like sales in
the Woolworths Mainchain are down 3% in the first 10 weeks of the year.  Action
on costs and performance in the Entertainment businesses are mitigating the
effect of the sales shortfall and the seasonal loss in the first quarter will be
similar to last year.

In the absence of an offer from Apax, the Board is recommending a final dividend
of 1.26 pence per share.  This will be payable to shareholders on the register
on 22nd April 2005, and, subject to approval at the AGM on 7th June 2005, this
will be paid on 23rd June 2005.  The full year dividend is therefore 1.65 pence
per share, an increase of 10% on last year.

Gerald Corbett, Chairman said "We felt that Apax's proposal of 58.2 pence per
share was at a level which our shareholders would wish us to explore which has
now been done.  We are a large profitable cash generative business and all our
energies remain focussed on running the business well and improving it for our
shareholders."



                                    - Ends -



For further information contact:-

Andrew Grant, Tulchan Group 020 7353 4200

Kate Inverarity, Tulchan Group 020 7353 4200






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