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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001021231-03-000284.txt : 20030303
<SEC-HEADER>0001021231-03-000284.hdr.sgml : 20030303
<ACCEPTANCE-DATETIME>20030303123600
ACCESSION NUMBER:		0001021231-03-000284
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030303
FILED AS OF DATE:		20030303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIX CONTINENTS PLC
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10409
		FILM NUMBER:		03588674

	BUSINESS ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		CITY:			LONDON WIY 1WE ENGLA
		STATE:			X0
		ZIP:			32822
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		STREET 2:		-
		CITY:			LONDON ENGLAND
		STATE:			X0
		ZIP:			W1Y 1WE
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>b701184_6k.htm
<TEXT>
<html>
<head></head>
<title>Prepared and filed by St-Ives Burrups</title>
<body bgcolor="#FFFFFF">
<p>&nbsp;</p>
<hr size="3" noshade color="#000000" style="margin-top: -15px">
<hr size="1" noshade color="#000000" style="margin-top: -22px">
<font face="0Font">
<p align="center"> <font size=2 face="serif"><b><font size="4">SECURITIES AND
  EXCHANGE COMMISSION</font></b><br>
  <b>Washington DC 20549</b> </font></p>
<hr align="center" width="150" size="2" noshade>
<p align="center"><b><font size=5 face="serif">FORM 6-K</font></b></p>
<p align="center"> <b><font size=2 face="serif">REPORT OF FOREIGN PRIVATE ISSUER
  PURSUANT TO RULE 13a-16 AND 15d-16 OF<br>
  THE SECURITIES EXCHANGE ACT OF 1934 </font></b></p>
<p align="center"> <font size=2 face="serif">For 3rd March 2003</font></p>
<p align="center"> <b><font size=5 face="serif">SIX CONTINENTS PLC</font></b><br>
  <font size=2 face="serif">(Registrant&#146;s name) </font></p>
<p align="center"> <font size="2" face="serif">20 North Audley Street<br>
  London W1K 6WN, England<br>
  (Address of principal executive offices)</font></p>
<hr align="center" width="150" size="2" noshade>
<p> <font size=2 face="serif">Indicate by check mark whether the registrant files
     or will file annual reports under cover Form 20-F or Form 40-F.</font></p>
<table width="100%" border="0">
  <tr>
    <td align="center"><font size=2 face="serif">Form 20-F&nbsp;&nbsp;<img src="tickedbox.gif" width="12" height="12">
      </font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">Form
      40-F&nbsp;&nbsp;<img src="emptybox.gif" width="12" height="12"></font></td>
  </tr>
</table>
<p> <font size=2 face="serif">Indicate by check mark whether the registrant by
     furnishing the information contained in this form is also thereby furnishing

  the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
     Exchange Act of 1934.</font></p>
<table width="100%" border="0">
  <tr>
    <td align="center"><font size=2 face="serif">Yes&nbsp;&nbsp;<img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">No</font><font size=2 face="serif">&nbsp;&nbsp;<img src="tickedbox.gif" width="12" height="12"></font></td>
  </tr>
</table>
<p> <font size=2 face="serif">If &#147;Yes&#148; is marked, indicate below the
     file number assigned to the registrant in connection with Rule 12g3-2(b): <u>Not
      applicable</u></font></p>
<p align="center">&nbsp;</p>
</font>
<hr size="1" noshade color="#000000" style="margin-top: -15px">
<hr size="3" noshade color="#000000" style="margin-top: -24px">
<div style="page-break-before:always"></div>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>SIX CONTINENTS PLC </b></font></p>
<p align="center"><font size="2" face="serif"><b>FIRM REJECTION OF UNSOLICITED
  OFFER FROM CAPITAL MANAGEMENT AND INVESTMENT PLC</b></font></p>
<p align="center"><font size="2" face="serif"><b><i>Not for release, publication
  or distribution in whole or in part in or into Australia, Canada,<br>
  </i></b></font><font size="2" face="serif"><b><i>Japan or the Netherlands</i></b></font></p>
<p align="left"><font size="2" face="serif">The Board of Six Continents PLC (&#8220;Six
  Continents&#8221;) firmly rejects the unsolicited offer received from Capital
  Management and Investment PLC (&#8220;CMI&#8221;) this morning. CMI's proposal
  gives shareholders nothing they do not already own except significant risk.</font></p>
<p align="left"><font size="2" face="serif">The Board of Six Continents has a
  clear strategy to create value. The proposed demerger will create two powerful
  businesses, each positioned to generate enhanced returns for Six Continents
  shareholders and deliver &pound;700 million of cash to shareholders immediately.</font></p>
<p align="left"><font size="2" face="serif"><b>CMI&#8217;s opportunistic offer
  brings nothing of value</b></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left"><font size="2" face="serif">o</font></td>
    <td colspan="2" align="left"><font size="2" face="serif">CMI is offering shareholders
      at most 98% of their own company.</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">o</font></td>
    <td colspan="2" align="left"><font size="2" face="serif">CMI&#8217;s proposals,
      such as they are, contain very significant risks for Six Continents shareholders:</font></td>
  </tr>
  <tr valign="top">
    <td align="left" width="3%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" width="3%"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The proposals remain remarkably
      short on detail</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The CMI team has no hotel skills
      and has not found a partner</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The plan envisages wholesale
      hotel disposals at the bottom of the cycle</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The inevitable substantial deal
      costs, over and above CMI&#8217;s generous incentive package, have not been
      quantified</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The prospects for future dividend
      payments under CMI&#8217;s financing structures are overlooked</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The lack of independent directors
      on CMI&#8217;s Board raises serious corporate governance issues</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">o</font></td>
    <td colspan="2" align="left"><font size="2" face="serif">CMI&#8217;s offer
      would massively enrich its directors which can only be at the expense of
      Six Continents shareholders</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">Tim Clarke, Chief Executive of Six
  Continents, today said:</font></p>
<p align="left"><font size="2" face="serif">&#8220;<i>CMI&#8217;s offer will enrich
  its directors at the expense of our shareholders&#8217; long term interests.
  The vague proposals set out today carry considerable risk which will be borne
  by our shareholders.</i></font></p>
<p align="left"><font size="2" face="serif"><i>Demerger is the best method to
  unlock the value of two market leading businesses and will preserve choice for
  shareholders. The momentum which IHG and MAB have developed over the last five
  months confirms that demerger is the right course of action</i>.&#8221;</font></p>
<p align="left"><font size="2" face="serif"></font></p>
<p align="left"><font size="2" face="serif"><b>Six Continents has a clear strategy
  to deliver value for shareholders</b></font></p>
<p align="left"><font size="2" face="serif">Six Continents has created two powerful
  businesses, well positioned to create value for shareholders and will have returned
  over &pound;3.3 billion to shareholders since 1997. Six Continents&#8217; separation
  strategy will:</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="3%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" width="3%"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">Give shareholders shares in two
      focused businesses</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">Trigger a &pound;700 million
      (81p per share) cash payment, with the prospect of more to come</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"><b>InterContinental Hotels Group (&#8220;IHG&#8221;)
  </b>benefits from its global network, its strong brands and the power of its
  loyalty programmes which together confer significant scale advantages. IHG <b></b>is
  now being transformed under new leadership. The new management team is focused
  on driving operational performance and returns through a fundamental restructuring
  of the organisation which will deliver significant reductions in the cost base
  and materially lower asset intensity.</font></p>
<p align="left"><font size="2" face="serif"><b>Mitchells &amp; Butlers (MAB) </b>is
  the UK&#8217;s leading operator of managed pubs, bars and restaurants with its
  high quality estate and excellent brand portfolio. The MAB management team has
  maintained a post-tax cash return on cash capital employed of over 10% for the
  last 3 years and has grown managed operating profits by over 80% in the last
  8 years. The team is focused on continuing this strong track record.</font></p>
<p align="left"><font size="2" face="serif"></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="15%"><font size="2" face="serif">Enquiries:</font></td>
    <td width="85%" align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Tim Clarke</font></td>
    <td align="left"><font size="2" face="serif">020 7409 1919</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Richard North</font></td>
    <td align="left"><font size="2" face="serif">020 7409 1919</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Fiona Antcliffe</font></td>
    <td align="left"><font size="2" face="serif">020 7404 5959</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Sophie Fitton</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">In connection with the forthcoming
  shareholder meetings, Six Continents shareholders are reminded that they should
  complete and return their forms of proxy as soon as possible, but in any event
  so as to be received by Lloyds TSB Registrars, The Causeway, Worthing, West
  Sussex BN99 8XF, no later than 10.30am on 10 March 2003.</font></p>
<p align="left"><font size="2" face="serif">If you have any questions about the
  proposals or are in any doubt as to how to complete the forms of proxy, please
  call the shareholder helpline on telephone number 0845 600 6063 (or +44 117
  300 7714 from outside the UK) between 8.30am and 5.30pm (UK time) on Monday
  to Friday. For legal reasons, this helpline will not be able to provide advice
  on the merits of the proposals or to provide financial advice.</font></p>
<p align="left"><font size="2" face="serif">Salomon Brothers International Limited,
  trading as Schroder Salomon Smith Barney, is acting as financial adviser to
  Six Continents and to nobody else in connection with the proposed separation
  and return of capital and any offer for Six Continents (the &#8220;Offer&#8221;)
  and as sponsor to InterContinental Hotels Group PLC and Mitchells &amp; Butlers
  PLC in connection with the admission of the ordinary shares of InterContinental
  Hotels Group PLC and Mitchells &amp; Butlers PLC to the official list of the
  UK Listing Authority (&#8220;Admissions&#8221;) and will not be responsible
  to anyone else for providing the protections afforded to its clients nor for
  providing advice in relation to the separation and return of capital, the Admissions
  or the Offer.</font></p>
<p align="left"><font size="2" face="serif">Merrill Lynch International are acting
  for Six Continents and for no-one else in connection with the Offer and will
  not be responsible to anyone other than Six Continents for providing the protections
  afforded to clients of Merrill Lynch International or for providing advice in
  relation to the Offer.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p><font size="2" face="serif">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p align="center"><font size="2" face="serif"><b><br>
  </b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="42%">&nbsp;</td>
    <td width="4%" valign="top">&nbsp;</td>
    <td width="53%" valign="top"><font size="2" face="serif"><b>SIX CONTINENTS
      PLC</b></font></td>
    <td width="1%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size="2">(Registrant)</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">By:</font></td>
    <td valign="top"><font size="2"><u>/s/ M.J.N. Bridge&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Name:</font></td>
    <td valign="top"><font size="2">M.J.N. BRIDGE</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Title:</font></td>
    <td valign="top"><font size="2">DEPUTY SECRETARY</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Date: </font></td>
    <td valign="top"><font size="2">3rd March 2003</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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