Punch Taverns suitor Emerald Investment Partners continues to seek financial backing for bid - report
Punch Taverns' [LON:PUB] suitor Emerald Investment Partners is still seeking financial backing for a takeover offer for the UK-based pubs operator, The Sunday Times reported, citing city sources for the information.
Emerald faces a deadline of Friday, 3 February, to secure bid financing, the item said.
Punch Taverns’ board has already recommended a 185p per share takeover bid from the Netherlands-based brewing company Heineken [AMS:HEIA], the item noted. Punch’s three largest investors have committed to sell their stakes to Heineken unless a rival bidder submits an offer of 200p per share or higher, the article added.
It is thought that Emerald’s founder Alan McIntosh has sounded out several possible bid partners, including the Irish cider company C&C Group [LON:CCR], the report continued.
Talks are ongoing this weekend, the item said, adding that a late bid could yet be submitted.
Punch Taverns shareholders are due to vote on Heineken’s offer on 10 February, according to the report.
As previously reported, Heineken is bidding jointly with Patron Capital for Punch Taverns.
Punch Taverns’ share price closed 1p down at 192p in London on Friday, 27 January, giving the company a market capitalisation of GBP 426m (EUR 499m).