STALEY REJECTS TATE & LYLE TAKEOVER BID

STALEY REJECTS TATE & LYLE TAKEOVER BID

Directors of Staley Continental Inc. unanimously determined that the revised unsolicited tender offer for the company's common stock by Tate & Lyle PLC was inadequate and not in the best interests of its shareholders.

The board, with one director absent, recommended that the company's common shareholders reject the revised offer and not tender any shares.In reaching its conclusions, the board considered the opinions of the First Boston Corp. and Merrill Lynch Capital Markets, the company's financial advisers, that the $35-a-share price a common stock provided for in the revised Tate offer was inadequate from a financial point of view.