M&B: No formal approach from Tchenguiz

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Related tags: Stock market, Mitchells & butlers

Mitchells & Butlers insists it has not received a formal bid from the R20 consortium led by Robert Tchenguiz.In a statement to the stock exchange...

Mitchells & Butlers insists it has not received a formal bid from the R20 consortium led by Robert Tchenguiz.

In a statement to the stock exchange in response to press speculation that it has received a proposal, the UK's biggest managed pub operator said that "in the interests of clarity and transparency it can only properly consider a formal written proposal."

M&B said its position has been "clearly conveyed" to theR20 consortium and so far no written proposal has beenreceived.

The Financial Times​ reports today that R20 has indicated it could make a cash bid of 550p a share, which would value M&B at around £2.7bn.

M&B said it remains remains "absolutely committed to delivering value for shareholders". The City has speculated that an offer of around 600p a share would be enough to persuade M&B to open its books to Laurel Pub Company owner Mr Tchenguiz.

The Takeover Panel has given R20 a 'put-up-or-shut-up' deadline of May 8 to formally table an offer.

Related topics: Mitchells & Butlers

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