P529ORACLE 529 Mon30 Dec C4 1732:44   ARGYLL BID 'TOO LOW'  SAYS DISTILLERS The Johnnie Walker whisky and Gordon's gin group Distillers has written to shareholders urgin them to reject the £1.9bn bid from Argyll Group. Chairman John Connell said the spirits company was the most profitable in the world and Argyll's offer was "too low! and "debt ridden". "Argyll is unsuited for the stewardship of the scotch whisky industry because the majority of its business is as a UK discount supermarket operatgr," he said Argyll chairman Jimmy Gulliver said Distillers claims "amaze me". * ORACLE NEW YEAR MESSAGES * 495