Offer Update
April 15 2003 - 12:14PM
UK Regulatory
RNS Number:0772K
Thistle Hotels PLC
15 April 2003
THISTLE HOTELS PLC ("THISTLE")
THISTLE SHAREHOLDERS SUPPORT THE REJECTION OF BIL INTERNATIONAL
LIMITED'S ("BIL") OFFER
The Board of Thistle* announces that shareholders representing more than 39 per
cent. of Thistle's entire issued share capital, and more than 72 per cent. of
the issued share capital not owned by BIL, have confirmed to Thistle that they
do not intend to accept BIL's offer of 115 pence per Thistle Share.
David Newbigging, Chairman of Thistle commented:
"We are delighted to have received such a significant level of support from
shareholders. This strongly reinforces our view that BIL's wholly inadequate
offer significantly undervalues the Company."
Enquiries:
Thistle Hotels Plc Telephone: 020 7895 2304
Ian Burke, Chief Executive Officer
Merrill Lynch International Telephone: 020 7995 2000
Simon Mackenzie-Smith, Managing Director
Richard Nourse, Managing Director
Deutsche Bank Telephone: 020 7545 8000
Charles Wilkinson, Managing Director
Financial Dynamics Telephone: 020 7831 3113
Andrew Dowler
Ben Foster
These indications of shareholder support are not legally binding and apply only
as at the date on which they are given. Thistle shareholders who have given such
indications are not restricted from dealing and, therefore, the number of shares
in respect of which they have given indications may change in the future. The
Thistle shareholders who have made these statements of intent may include
shareholders who have publicly indicated their likely intentions in respect of
BIL's offer for Thistle.
* The Board of Thistle for these purposes comprises all of the directors of
Thistle, other than Tan Sri Quek Leng Chan and Mr Arun Amarsi, who in view of
their positions as Chairman and CEO, respectively, of BIL have not participated
in the deliberations of the Thistle board in relation to BIL's offer.
Merrill Lynch International and Deutsche Bank AG are acting for Thistle Hotels
Plc and for no-one else in connection with BIL's offer for Thistle Hotels Plc
and will not be responsible to anyone other than Thistle Hotels Plc for
providing the protections afforded to clients of Merrill Lynch International or
Deutsche Bank AG or for providing advice in relation to such offer.
END
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The company news service from the London Stock Exchange
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