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British Polythene (BPI)

British Polythene

Offer Update
British Polythene Industries PLC
14 December 2000

                                                             14 December 2000
                                       
                       British Polythene Industries PLC
                                       
    Another BPI institutional shareholder indicates that it will not accept
                              Macfarlane's offer

The  board  of  British  Polythene Industries PLC  ('BPI'  or  'the  Company')
announces that 3i Group plc and 3i Smaller Companies Trust plc (together '3i')
which  together hold 2,262,129 BPI shares, representing approximately 6.1%  of
BPI's  issued  share  capital and the Company's second  largest  institutional
shareholding, has indicated it will not accept Macfarlane's offer unless  such
offer  has  been  declared  unconditional  as  to  acceptances  or  has   been
recommended.   UBS Asset Management, BPI's largest institutional  shareholder,
holding 10.9% of BPI's issued share capital, verbally confirmed yesterday that
it also will not be accepting Macfarlane's offer.

In view of this indication by 3i, and taking into account the support received
from  UBS  Asset  Management,  the additional undertakings  announced  by  BPI
yesterday  and  further undertakings in respect of 28,468 BPI shares  received
today,  BPI  has,  in aggregate, so far received written undertakings  not  to
accept  the Macfarlane offer at a price of less than 320p per share in respect
of  5,413,012  BPI shares and has so far received verbal undertakings  not  to
accept  the  Macfarlane  offer in respect of 6,300,571  BPI  shares,  together
representing approximately 31.7% of BPI's issued share capital.

Cameron McLatchie, Chairman of BPI, said today:

'Our  defence  against the Macfarlane bid has been based on shareholder  value
from the start.  I believe that the undertakings we have received from our two
largest institutional shareholders send a very clear message that Macfarlane's
bid at 310p undervalues BPI.'

Enquiries:

BPI                     Cameron McLatchie, Chief Executive       01475 501 000

Greenhill & Co.         Simon Borrows                            020 7440 0400

Financial Dynamics      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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