GYG Gyg Plc

RNS Number:0257M
Gyrus Group PLC
17 January 2008




 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
 FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE
                       RELEVANT LAWS OF SUCH JURISDICTION



17 January 2008

For immediate release


    Recommended cash acquisition of Gyrus Group plc ("Gyrus") by Olympus UK
 Acquisitions Limited ("Olympus UK Acquisitions"), a wholly owned subsidiary of
              Olympus Corporation ("Olympus") (the "Acquisition").


                     Satisfaction of Competition Condition



Further to the announcement by Gyrus on 27 December 2007, the Boards of Olympus
and Gyrus today announce that they have received clearance from the merger
control authorities in Germany and Austria for the recommended cash acquisition
of Gyrus by Olympus.

All required clearances from anti-trust authorities have now been obtained and,
accordingly, the Acquisition is no longer conditional on anti-trust approval.

Completion of the Acquisition remains subject to the satisfaction of other
conditions, including the sanctioning of the Scheme at the forthcoming court
hearing. The timetable for the proposed Acquisition of Gyrus remains as
previously announced. Assuming that the Scheme is sanctioned and the Reduction
of Capital is confirmed at the forthcoming court hearings, the Scheme of
Arrangement is expected to become effective on 1 February 2008.



Enquiries:


Perella Weinberg (financial adviser to Olympus)                 +44 20 7268 2800
Philip Yates
Graham Davidson

Ogilvy Public Relations Worldwide (PR adviser to Olympus)       +44 20 7309 1000
Kerrin Roberts
Ben Lock

Gyrus                                                           +44 1189 219 750
Brian Steer, Chairman
Roy Davis, Chief Executive Officer
Simon Shaw, Chief Financial Officer

Bear Stearns (financial adviser to Gyrus)                       +44 20 7516 6000
Paul Abecassis
Stuart Rankine

Morgan Stanley (financial adviser and corporate broker to       +44 20 7425 5000
Gyrus)
Peter Moorhouse
Laura Howard
Henry Stewart
Edward Knight

Financial Dynamics (PR adviser to Gyrus)                        +44 20 7831 3113
David Yates


Words and expressions defined in the Scheme Document dated 17 December 2007 have
the same meanings in this announcement.

This announcement is not intended to and does not constitute an offer to sell or
invitation to purchase or subscribe for any securities or the solicitation of
any vote or approval in any jurisdiction pursuant to the Acquisition or
otherwise. The Acquisition will be made solely through the Scheme Document,
which contains the full terms and conditions of the Acquisition, including
details of how to vote in respect of the Acquisition. Any acceptance or other
response to the Acquisition should be made only on the basis of the information
in the Scheme Document. Gyrus Shareholders are advised to read the formal
documentation for the Acquisition carefully.

Perella Weinberg Partners UK LLP, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively for
Olympus and Olympus UK Acquisitions and no-one else in connection with the
Acquisition and will not be responsible to anyone other than Olympus and Olympus
UK Acquisitions for providing the protections afforded to the clients of Perella
Weinberg or for providing advice in relation to the Acquisition.

Bear, Stearns International Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting solely for Gyrus
in connection with the Acquisition and no-one else and will not be responsible
to anyone other than Gyrus for providing the protections afforded to clients of
Bear Stearns or for providing advice in relation to the Acquisition or any of
the matters referred to in this announcement.

Morgan Stanley & Co. Limited is acting solely for Gyrus in connection with the
Acquisition and no-one else and will not be responsible to anyone other than
Gyrus for providing the protections afforded to clients of Morgan Stanley or for
providing advice in relation to the Acquisition or any of the matters referred
to in this announcement.



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