Lewis ups stake in M&B again
Joe Lewis, the largest shareholder in Mitchells & Butlers (M&B), has upped his stake in the managed pub operator for the second time in a week, further fuelling speculation that he will mount a further bid for the company next year.
Lewis, through his investment vehicle Piedmont, has taken his stake from 23.12% to 25.65%, edging him closer to the 30% stake threshold at which he would be forced to stage a full takeover of the group.
Crossing the 25% threshold also gives Lewis the ability to block any resolutions proposed by the company or other investors.
Under Takeover Panel rules the billionaire will have to wait to mid-April before making another potential approach, after having two indicative offers for the operator of the All Bar One and O’Neills brands rejected earlier this year. Lewis had indicated a possible bid of 230p per share for the group, which would have valued it at around £3bn including debt.
