Robert Tchenguiz's bid for Mitchells & Butlers may involve unwinding an £1.8bn securitisation if successful, according to reports.
According to the Financial Times, Tchenguiz would have to undo the securitisation, which was put in place by M&B in November 2003, if he wanted to split the pub operator's property assets from the operating company.
Tchenguiz would have to pay £260m to bondholders as part of unwinding the securitisation, which would be the equivalent of 50p a share, pushing the share price analysts have proposed it would take to buy M&B from 525p to 575p.
This would value M&B at £2.818bn.
M&B shares closed yesterday at 482p, a drop of 2.25p.
The pub operator, whose brands include All Bar One and O'Neills, carried out the securitisation of its business in November 2003 following its demerger from Six Continents, formerly Bass.
Earlier this week it was rumoured that M&B was on the verge of asking the Takeover Panel to impose a deadline on Tchenguiz's approach, however, that has yet to materialise.