Punch shareholders back Heineken/Patron bid

By James Wallin, MCA

- Last updated on GMT

Punch shareholders back Heineken/Patron bid

Related tags Punch shareholders Stock

Punch shareholders have overwhelmingly backed the Patron/Heineken bid to acquire the company in a deal valuing the UK’s second biggest pub company at £1.8bn.

In total, 99.6% of shareholders voted in favour of the offer.

In a statement, Heineken said it was “delighted” that Punch shareholders had voted in favour of the scheme.

 The deal will now be passed over the Competitions and Markets Authority for an investigation which is expected to last until the summer.

Patron and Heineken, under the banner of Vine Acquisitions, had a bid of 180p per share accepted by Punch’s principal shareholders and board in December. It’s only rival – Emerald Investments – led by one of Punch’s founders, Alan McIntosh – decided last week not to progress with 185p a share bid.

The Vine bid values Punch’s share capital of £402.7m and represents a premium of 40% on the closing price on 13 December – the last business day before the group’s interest was made public.

Related topics Punch Pubs & Co

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