P523ORACLE 523 Mon 2 Dec C4 1702:34   ARGY,L PUTS UP REC/RD  BID FOR DISTILLERS The long-awaited bid from supermarkets- to-drinks group Argyll for the scotch whisky giant Distillers has set a new record with terms valued at £1,846m. Shareholders are being offereb a share and cash terms deal worth 513p with an all-cash alternative of 485p. Distillers, well prepared after a Takeover Panel-enforced three-month delay, dismissed the offer, saying it was presumably a "sighting shot!. But neither this,nor Distillers' larger size, dents the confidence of Argyll chairman Jimmy Gulliver, who has hit out at Distillers' "management failure"  City headines 500 Newsfile 520