Patron Capital has acquired 28.5% of the ordinary shares in Punch ahead of this week’s vote on its joint bid with Heineken to acquire the pubco.

Through the Bidco vehicle, which was set up to carry out the acquisition, the group has acquired an aggregate of 63,310,488 ordinary shares in the capital of Punch at 180p per share.

The three major shareholders in Punch - Glenview, Avenue Capital and Warwick Capital Partners – as well as its board agreed in December to sell their shares to Bidco. The irrevocable undertakings represent in aggregate approximately 52.3 per cent. of the existing ordinary share capital of Punch.

Patron also confirmed that it had entered into an interim share buying agreement with Heineken, including a bridging loan from the latter of £120m.

Punch shareholders will vote on the 180p-a-share Patron/Heineken bid – which values the group at £1.8bn – on Friday.

Last week, Emerald Investment Partners confirmed it would not make a counter-bid.

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