RNS Number:2661J
Six Continents PLC
27 March 2003

                               SIX CONTINENTS PLC

                   Rejection of Offer for Mitchells & Butlers

27 March 2003

Following a number of expressions of interest from venture capitalists, the
Board of Six Continents has received a cash proposal from a financial buyer for
Mitchells & Butlers. The proposal values Mitchells & Butlers at #2.8 billion and
is subject to due diligence but is not conditional upon the deferment of
demerger.

This proposal has been carefully considered by the Board Committee which has
been put in place to review all such proposals.  A meeting has also taken place
with the financial buyer to evaluate the proposal.  The Board Committee has
advised the Board of Six Continents that, at this time, and at this level in the
absence of a comparative market valuation for Mitchells & Butlers as an
independent company, the offer is not considered sufficiently attractive and
therefore cannot be recommended to shareholders.  This recommendation has been
accepted and is the unanimous view of the Board of Mitchells & Butlers, the
Board of Six Continents and their financial advisers, Cazenove, Merrill Lynch
and SSSB.

The Committee believes it is in the shareholders' interests to evaluate all
offers in an orderly manner that ensures transparency of process, awareness of
alternatives and a full appreciation of the value of Mitchells & Butlers as an
independent business with an efficiently structured balance sheet.

As previously announced, a structured finance review is being undertaken as a
priority to ensure that shareholders are informed of the probable range of
capital that may be returned to them as part of a refinancing exercise.

It is considered that this key information will provide a quoted market value as
a fair and reasonable benchmark against which offers may be evaluated and Board
recommendations judged.

Enquiries:

Six Continents PLC                                     020 7409 1919
Roger Carr
Senior Non-Executive Director

Finsbury                                               020 7251 3801
Roland Rudd
James Murgatroyd

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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