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03/04/2000

Bass PLC Completes Tender Offer for Bristol Hotels & Resorts

Bass PLC Completes Tender Offer for Bristol Hotels & Resorts

Bass PLC announced today, 3 April 2000, that its tender offer to purchase all outstanding shares of Bristol Hotels & Resorts (NYSE:BH) at $9.50 per share in cash expired at 12:00 midnight, New York City time on Friday, 31 March 2000. Bass has accepted for payment all Bristol shares validly tendered and not withdrawn as of the expiration of the offer.

Based on a preliminary count by the depositary for the offer, 15,561,859.00 shares of Bristol (representing approximately 87.9 per cent of the outstanding shares) were tendered pursuant to the offer and not withdrawn (including shares tendered pursuant to a guarantee of delivery). Such tendered shares, together with Shares owned by affiliates of Bass, represent approximately 97.6 per cent of the outstanding shares of Bristol. Payment for the shares accepted for payment is expected to be made promptly.

The tender offer will be followed by a merger of BHR North America, Inc., an indirect wholly owned subsidiary of Bass, with and into Bristol. Pursuant to the merger, those Bristol stockholders who did not tender their shares in the offer and who do not seek appraisal rights of their shares pursuant to applicable provisions of Delaware law will have their shares converted into the right to receive $9.50 per share net to the stockholder in cash. Upon completion of the merger, Bristol will become an indirect, wholly owned subsidiary of Bass. Bass plans to proceed promptly with the steps necessary to complete the merger.

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For further information, please contact:

Pugh Phillips, Director of Group Communication   020 7409 1919
Mark Rigby, Media Relations   020 7409 8571
Jonathan Atack, Investor Relations   020 7409 8153

Notes to editors:

Bass is an international leisure hospitality group operating in hotels, leisure retail and branded drinks.

  • Bass Hotels & Resorts is the world's most global hotel company whose brands include Inter-Continental Hotels and Resorts, Crowne Plaza Hotels and Resorts, Holiday Inn, Holiday Inn Express and Staybridge Suites. It owns, operates or franchises more than 2,800 hotels and over 450,000 guest rooms in more than 90 countries around the world.
  • Bass Leisure Retail operates about 3,000 managed pubs, restaurants and leisure venues including brands such as Vintage Inns, Harvester, Toby, Browns, All Bar One, It's A Scream, O'Neill's, Edwards and Hollywood Bowl.
  • Bass Brewers is one of the UK's leading producers of branded drinks including Carling, the UK's No 1 consumer brand, Tennent's, Worthington, Caffrey's, Grolsch, Bass Ale and Hooper's Hooch. Britvic Soft Drinks is one of the leading UK producers of branded soft drinks with brands such as Tango, Robinsons and Pepsi.

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