M&B rejects bid from Joe Lewis’s Piedmont

By The Newsroom
Published 12th Sep 2011, 22:50 BST
BILLIONAIRE financier Joe Lewis’s Piedmont group has made a takeover approach to pubs and restaurants company Mitchells & Butlers, where it already sits on a near‑23 per cent stake.

Piedmont confirmed after the stock market had closed yesterday that it had presented a proposal to the pub group’s board regarding a possible unspecified cash offer for the company, with a partial share alternative.

Piedmont said M&B’s board had rejected the offer, and Lewis was now considering making a further offer proposal at 230p per share.

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This was 6.3 per cent above yesterday’s opening price of M&B’s shares, but the stock closed the day up 7 per cent at 235.6p, ahead of the price on the table.