Shareholders call time on Pubmaster bid
Pubmaster's hostile bid for Wolverhampton & Dudley Breweries has been rejected in a shareholder vote, ending a year-long battle for control of the chain of 1,500 pubs and 4 breweries.
The plan to buy the pub chain was scuttled by the regional brewer’s shareholders when only 47% voted in favour of the Pubmaster bid.
‘We are disappointed, but Pubmaster remains a leading operator of UK pubs. We are looking for opportunities elsewhere to grow the business,’ a spokesperson said.
Pubmaster’s interest in Wolves was triggered following an approach from hotels entrepreneur Robert Breare although his bid never materialised. Last month Pubmaster launched an improved 513p per share bid along with an intense lobbying campaign.
But with this victory, Wolves must now deliver for its shareholders. It has promised to sell 170 pubs – including its popular Pitcher & Piano chain. Shareholders have been promised £200m by April 2003.
Links
Read Financial Director magazine’s interview with Pubmaster FD Ronald Turnbull