M&B gives Elpida man role on board

28-Mar-2012 - Last updated on 12-Mar-2017 at 04:22 GMT

Mitchells & Butlers (M&B), the managed pub operator, has appointed a representative of Elpida, a significant shareholder in the group, to its board as non-executive director.

Edward Irwin has been appointed to the role as a sole representative of Elpida, the investment vehicle backed by Irish horse-racing tycoons John Magnier and JP McManus.

The move comes weeks before Piedmont, the investment vehicle of billionaire Joe Lewis, is able to launch another approach for the firm. Last year Piedmont, which has a 25.65% stake in M&B, had two indicative offers for the company rejected, but under Takeover Panel rules, it is able to launch another bid in mid-April. Elpida, with a 24.23% stake in M&B, could block a further approach by Piedmont.

Irwin is also finance director of Coolmore, the horsebreeder that operates in Ireland, the USA and Australia.
M&B executive chairman Bob Ivell said: “Elpida is a supportive shareholder. Having Mr Irwin on the board will be positive and constructive.”

M&B’s search for a new chief executive and independent non-executive directors is “progressing well”, Ivell added.

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