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British Polythene (BPI)

British Polythene

Fthr re Possible Offer
British Polythene Industries PLC
7 December 2000

              British Polythene Industries PLC
              Talks with third party terminated

        Macfarlane's inadequate offer still rejected

On 4 December 2000 the board of British Polythene Industries
PLC  ('BPI')  announced that it was in  discussions  with  a
third  party  regarding a possible recommended  offer  being
made for BPI.  These discussions have now been terminated.

The  unanimous view of BPI's board remains that the  revised
offer  by Macfarlane Group PLC ('Macfarlane') is inadequate.
In  the  opinion of the board, Macfarlane's offer should  be
rejected by shareholders on the basis that:

-     it  does  not  take full account of the  value  to  be
      created from BPI's accelerated restructuring programme;
-     it may be tax inefficient to many of BPI's private
      shareholders; and
-     it is below BPI's proposed tender offer price of 320p
      per share for 30% of BPI's issued share capital.

Cameron McLatchie, Chairman of BPI, said:

'Naturally  we  are  disappointed that  these  very  serious
discussions  have ended.  The fact remains that Macfarlane's
offer  undervalues  BPI.   Shareholders  should  reject   it


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

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
announcement has been approved by Greenhill &  Co.  for  the
purposes of Section 57 of the Financial Services Act 1986.
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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