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British Polythene (BPI)

British Polythene

Offer Document Posted
British Polythene Industries PLC
17 October 2000


              British Polythene Industries PLC

The Board of British Polythene Industries PLC ('BPI' or 'the
Company') notes that Macfarlane Group plc ('Macfarlane') has
today  posted  its offer document to BPI shareholders.   The
Board  of BPI remains unanimously opposed to what it regards
as  a derisory offer for the company. The Board continues to
recommend  to  shareholders that  they  reject  Macfarlane's
wholly opportunistic bid.

Responding, Cameron McLatchie, Chairman of BPI said:

'It has taken Macfarlane a surprisingly long time to produce
this  document, which still has nothing new of substance  to
say.   Instead,  it  merely  underscores  the  opportunistic
nature of Macfarlane's unsolicited offer and its attempt  to
buy  BPI  on the cheap.  The offer fundamentally undervalues
BPI.

The  offer  does not recognise BPI's scale or market-leading
positions.  This group is the largest producer of  polythene
film  products, not just in the UK but also in Europe.  This
position provides us with significant competitive advantages
and is of great value for our shareholders.

Nor does the offer recognise the expected benefits* from the
major  reorganisation being undertaken at BPI which is  well
underway,  having commenced early this year.  Macfarlane  is
trying  to  buy BPI before the full extent of  the  benefits
from this reorganisation are realised by our shareholders.

Rather  than  ignore  these key benefits  and  our  inherent
value,  it's  time Macfarlane recognised them.  Macfarlane's
offer is derisory - it deserves to be rejected, outright.'

A  document setting out in full the advice of the  Board  of
BPI will be sent to the Company's shareholders shortly.

Enquiries:

BPI               Cameron McLatchie, Chief    01475 501 000
                  Executive
                                            
Greenhill & Co.   Simon Borrows               020 7440 0400
                                            
Financial         Tim Spratt                  020 7831 3113
Dynamics

Greenhill & Co. International Limited ('Greenhill  &  Co.'),
which  is  regulated in the United Kingdom by the Securities
and  Futures Authority Limited, is acting for BPI and no-one
else  in  connection  with  the  offer,  and  will  not   be
responsible  to  anyone  other than BPI  for  providing  the
protections afforded to customers of Greenhill & Co., or for
providing advice in relation to the offer.

*  This  is by comparison to the position in the absence  of
   the  reorganisation.  This should not be taken to 
   constitute a profit forecast.
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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