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Wolv.& Dudley Brews. (WOLV)

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Thursday 14 June, 2001

Wolv.& Dudley Brews.

Offer Rejection

Wolverhampton& Dudley Breweries PLC
14 June 2001



 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN

   THE WOLVERHAMPTON & DUDLEY BREWERIES, PLC ('W&DB')

       Rejection of Offer from Pubmistress Limited
                     ('Pubmistress')


The  Board  of  W&DB  notes the offer document  published
today  by Silverhoney on behalf of Pubmistress confirming
the  offer of 480 pence in cash for each W&DB share which
Pubmistress  announced  on 1 June  2001.   This  document
tries to justify why this offer is anything but cheap  by
using a series of selective and irrelevant arguments.

Pubmistress' arguments completely miss the point that 480
pence:

* is  well below their earlier indicative offers  for
  the company;

* does  not  reflect the substantial  improvement  in
  W&DB's own performance;

* does not reflect the substantial improvement in the
  ratings of W&DB's peer group; and

* does not take account of the underlying quality  of
  W&DB's business and the plans announced on 24 April 2001
  to drive forward the business and to return up to £200m
  (212 pence per share) to shareholders over the next two
  years.

The  Board  of  W&DB,  which  has  been  so  advised   by
Rothschild,  confirms  its unanimous  rejection  of  this
offer  and  urges shareholders not to accept it,  nor  to
sell their shares in the market.  In providing advice  to
the  Directors of W&DB, Rothschild has taken into account
the commercial assessments of the Directors.

Commenting  on  the  offer W&DB Chairman  David  Thompson
said:

'Pubmistress is persisting in its attempt to buy W&DB  on
the  cheap.   480 pence per share cannot be viewed  as  a
serious offer for this company and is an attempt to  deny
shareholders the underlying value of the group.  We  look
forward to demonstrating to shareholders over the  coming
weeks  the progress being made and the value of the  W&DB
Group.'

Enquiries:

W&DB                             Telephone:  01902 711 811
David Thompson
Ralph Findlay


Rothschild                       Telephone:  020 7280 5000
Crispin Wright
Avi Goldberg

Hudson Sandler                   Telephone:  020 7796 4133
Keith Hann
Andrew Hayes


N M Rothschild & Sons Limited, which is regulated in the
United Kingdom by The Securities and Futures Authority
Limited, is acting for W&DB and no one else and will not
be responsible to anyone other than W&DB for providing
the protections afforded to customers of N M Rothschild &
Sons Limited nor for providing advice.

The Directors of W&DB accept responsibility for the
information contained in this announcement.  To the best
of the knowledge and belief of the Directors of W&DB (who
have taken all reasonable care to ensure that such is the
case) the information contained in this announcement is
in accordance with the facts and does not omit anything
likely to affect the import of such information.