Thistle Reject BIL Offer

The Board of Thistle* has consulted with its advisers to consider today`s announcement of an unsolicited offer for Thistle by BIL at 115 pence per share. It notes that BIL intends to retain the proposed final dividend of 3.4 pence per Thistle share announced yesterday. The Board strongly believes that this offer is opportunistic and totally fails to recognise the underlying value of Thistle.

The Board of Thistle, along with its advisers, continues to focus on the best strategic options to deliver value for all shareholders.

The Board of Thistle will provide detailed advice to its shareholders in due course.

In the meantime Thistle shareholders should take no action in relation to their Thistle shares.

* 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 directors 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.

ADVERTISEMENT

——-