Offer Update
April 23 2003 - 3:35AM
UK Regulatory
RNS Number:2591K
Thistle Hotels PLC
23 April 2003
THISTLE HOTELS PLC ("THISTLE")
BIL INTERNATIONAL LIMITED ("BIL") AGAIN ANNOUNCES VERY
LOW LEVEL OF ACCEPTANCES
The Board of Thistle* notes today's announcement relating to the very low level
of acceptances received by BIL in relation to its offer for the shares in
Thistle it does not own.
In particular, The Board of Thistle* notes that BIL has received acceptances in
respect of a total of only 1,363,845 Thistle shares, representing approximately
0.3 per cent. of the issued share capital of Thistle.
The Board of Thistle* continues to advise shareholders to reject BIL's offer and
not to complete any form of acceptance.
David Newbigging, Chairman of Thistle, said:
"This very low level of acceptances shows that our shareholders find
BIL's arguments unconvincing. BIL's offer significantly undervalues
Thistle and the Board of Thistle* urges shareholders to continue to
reject this attempt to acquire Thistle at a wholly inadequate price."
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
* 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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