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Punch Taverns confirm M&B takeover offer

4th February 2008, 12:06pm

Punch Taverns has today announced that press speculation over the weekend suggesting the company is planning a takeover of troubled Mitchells & Butlers (M&B) is true.

Last week, we reported on M&B's financial loss of £274m after the breakdown of property deals with tycoon Robert Tchenguiz last summer.

Current M&B shareholders have been offered 50% ownership of the proposed merger with a cash payment of £175million.

In the proposal, the management team would be restructured and see Giles Thorley as CEO, Phil Dutton as CFO, Tim Clarke as non-executive chairman and Peter Cawdon as non-executive deputy chairman.

The remainder of the senior executives and board members would be drawn from both companies reflecting the expertise within Mitchells & Butlers and Punch's respective operations.

In a statement the company commented on the plans: "Punch believes the terms and structure of the combination are compelling to both Punch and Mitchells & Butlers shareholders and that there is substantial strategic rationale in combining the two businesses, including opportunities for operational synergies in the managed pub business and through a reduction in central costs. Punch believes that its proposal is attractive in terms of value, speed and deliverability."

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25 Jan 2011 - People moves at Punch Taverns pub company
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