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BPI blow in takeover tussle.

Europe's biggest polythene film maker, British Polythene Industries, yesterday lost its potential white knight in its battle against a takeover bid from rival packaging firm Macfarlane Group.

BPI said that talks with a third party over a possible recommended offer for the company had been terminated. It had disclosed the third-party talks only three days earlier, raising shareholders' hopes that a white knight could trump Macfarlane.

'Naturally we are disappointed that these very serious discussions have ended,' BPI chairman Cameron McLatchie said. BPI said it was still not attracted by Macfarlane's last bid of 310p.

'The fact remains that Macfarlane's offer undervalues BPI. Shareholders should reject it outright,' Mr McLatchie said.

In response to the BPI announcement, Macfarlane, BPI's largest shareholder with a stake of 25 per cent, said its bid remained the only 100 per cent cash offer available to BPI shareholders.

'In the interests of its shareholders and employees, I urge BPI now to recommend our offer to bring this period of uncertainty to a close and work with us to create a strong and vibrant company,' Macfarlane chief executive Iain Duffin said.
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Publication:The Birmingham Post (England)
Geographic Code:4EUUK
Date:Dec 8, 2000
Words:185
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