BIL defends 0.3% acceptance of Thistle offer.

From: Financial News | Date: April 23, 2003 | Copyright information

Byline: Michael Hoare

BIL International, the Singapore holding company, and its adviser, HSBC, have talked down the meagre 0.3% acceptances they attracted for BIL's pound sterling555m ([euro]800m) offer for Thistle Hotels, the UK chain.The hostile bidder said it had expected a similar level of shares to be tendered. It holds just over 45% of Thistle's equity and is looking to take that above 50%.

At the first close of BIL's offer, holders of 1.4 million Thistle shares had tendered them. The bidder responded by extending its offer for another 10 days.

The board of ...

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