Macfarlane had secured acceptances for only 1.24% of BPI's shares by 7 November, the first closing date for its 250p per share offer.


The offer has been extended until 28 November 2000 and Macfarlane urged BPI shareholders who have not accepted the bid to complete and return their forms as soon as possible.


"This figure is very low, but so is their offer," said BPI chairman Cameron McLatchie.


"This is not a huge vote of confidence," he said, adding that Macfarlane did not know the business well enough.


Macfarlane chief executive Iain Duffin was certain that as long as institutions held out with their rejections, private shareholders would follow them.


But Duffin said that he was not surprised at the level of acceptance. "We're happy with the progress we've made. In a hostile bid, this level of acceptance is not abnormal at all."


Macfarlane does not plan to increase its bid, despite BPI's document urging it to do so.The final bid deadline
is 16 December.


"I'm sure they're running around trying to find a white knight, but they are leaving it late," said Duffin.


BPI is carrying on with its restructure and is now "in consultation" with its plant in Belgium where it plans
to downsize.


It is also in the process of closing plants in Brighton and Nottingham, each employing 55 people.


"BPI has been doing this for four years and this
is part of its defence," said Duffin. "Their shareholders will make the decision and on our side we're reasonably confident."


Story by Jeremy Allen