Rexam Plastics Nederland B.V., an indirect wholly owned subsidiary of Rexam PLC, intends to make a cash offer of EUR 26.75 per ordinary share in Airspray N.V., excluding the dividend of EUR 0.75 per share that becomes payable for the financial year 2005. The offer price represents a 21 percent premium over Airspray’s closing share price on Feb. 21.

According to a joint company announcement, the Supervisory Board and Management Board of Airspray fully support the intended offer. The intended offer is not expected to affect the existing employment conditions at Airspray. Airspray will be managed within the Plastic Packaging sector of Rexam .

Pending necessary approvals, a full agreement is expected to be reached over the next several weeks.